Modi & Trump Giving Their Economies Self-Inflicted Wounds: Jairam
The global markets have been witnessing a tumultuous ride lately, and the recent crash is no exception. The announcement of tariffs by the White House has sent shockwaves across the globe, causing a significant slump in the stock markets. The Indian markets, in particular, have been severely impacted, with the Sensex opening over 3,900 points lower and the Nifty opening over 1,000 points below.
As the markets continue to reel from the impact of these tariffs, Congress leader Jairam Ramesh has come out with a scathing critique of Prime Minister Narendra Modi and US President Donald Trump. In a tweet, Ramesh said, “It’s no wonder that Mr. Modi and Mr. Trump describe themselves as good friends. Both are experts in giving their economies self-inflicted wounds.”
Ramesh’s comments are a reflection of the widespread concern and discontent among economists and experts regarding the economic policies of both Modi and Trump. Both leaders have been accused of being protectionist and isolationist, with a focus on short-term gains rather than long-term sustainability.
The tariffs announced by the White House are the latest in a series of protectionist measures taken by the Trump administration. These measures, aimed at protecting American industries, have been met with criticism from many quarters, including the European Union, China, and other major economies. The impact of these tariffs has been felt across the globe, with many countries retaliating with their own tariffs and trade restrictions.
Modi’s government, too, has been accused of being protectionist. The Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC) have been criticized for being draconian and anti-business. The GST, in particular, has been seen as a major hindrance to economic growth, with many businesses struggling to cope with the complex and cumbersome tax regime.
The impact of these protectionist measures has been severe. Trade wars and tariffs have led to a decline in global trade, which has had a significant impact on economic growth and employment. The Indian economy, in particular, has been severely affected, with GDP growth slowing down to 5.7% in the second quarter of 2022-23.
Ramesh’s comments have also been seen as a reflection of the tensions between the US and China, two of the world’s largest economies. The trade war between the two countries has been ongoing for over a year, with both sides imposing tariffs and trade restrictions on each other. The impact of this trade war has been severe, with global trade declining and economic growth slowing down.
The impact of the tariffs announced by the White House has been felt across the globe, with many countries, including India, China, and the European Union, retaliating with their own tariffs and trade restrictions. The Indian government, too, has imposed tariffs on imported goods, including steel and aluminum, in response to the US tariffs.
The economic impact of these tariffs is expected to be severe. The Indian economy is heavily reliant on imports, and the tariffs will increase the cost of production and lead to higher prices for consumers. The trade war between the US and China has also had a significant impact on the Indian economy, with many Indian companies reliant on Chinese imports.
In conclusion, Jairam Ramesh’s comments are a reflection of the widespread concern and discontent among economists and experts regarding the economic policies of both Modi and Trump. Both leaders have been accused of being protectionist and isolationist, with a focus on short-term gains rather than long-term sustainability. The tariffs announced by the White House are the latest in a series of protectionist measures taken by the Trump administration, and their impact is expected to be severe.
Source: https://x.com/Jairam_Ramesh/status/1909116322992009326
