Modi & Trump Giving Their Economies Self-Inflicted Wounds: Jairam
The global markets have been sending out a loud and clear message in recent weeks – the tariffs imposed by the United States and India are having a devastating impact on their economies. The latest development in this saga is the White House’s announcement of new tariffs on several Chinese goods, which sent global markets into a tailspin. The Sensex, India’s leading stock market index, opened over 3,900 points lower, while the Nifty, another major index, opened over 1,000 points below. In the aftermath of this economic chaos, Congress leader Jairam Ramesh has come out strongly criticizing Prime Minister Narendra Modi and US President Donald Trump for their handling of the economy.
In a scathing tweet, Jairam Ramesh wrote, “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.” This tweet is a clear indication of Jairam’s frustration and disappointment with the economic policies of both Modi and Trump. The Congress leader has been a vocal critic of the Modi government’s economic policies, and his comments on Trump’s tariffs are a reflection of his broader concerns about the direction of the global economy.
Jairam Ramesh’s comments are not without merit. The tariffs imposed by the US on Chinese goods have been widely criticized as a protectionist measure that will harm American consumers and businesses in the long run. Similarly, the tariffs imposed by India on US goods, including almonds and apples, are likely to have a significant impact on American farmers and businesses. The move is also seen as a retaliatory measure in response to the US imposing tariffs on Indian steel and aluminum.
The economic impact of these tariffs is likely to be significant. The IMF has warned that the global economy is already facing significant challenges, including slowing growth and rising trade tensions. The tariffs imposed by the US and India are likely to exacerbate these challenges, leading to higher prices for consumers and reduced economic growth.
The tariffs are also having a significant impact on the Indian economy, which is already struggling with a slowdown. The country’s GDP growth rate has been declining steadily over the past few years, and the economy is in desperate need of a boost. The tariffs imposed by India on US goods are likely to make things worse, rather than better. The country’s exports have been declining steadily over the past few years, and the tariffs are likely to make it even harder for Indian businesses to compete in the global market.
In conclusion, Jairam Ramesh’s comments are a stark reminder of the economic chaos that is being caused by the tariffs imposed by the US and India. The tariffs are having a significant impact on global markets, and are likely to lead to higher prices for consumers and reduced economic growth. The economic policies of Modi and Trump are being criticized from all sides, and it remains to be seen whether they will be able to turn things around before it’s too late.
Source: https://x.com/Jairam_Ramesh/status/1909116322992009326
