Modi & Trump Giving Their Economies Self-Inflicted Wounds: Jairam
The global financial markets have been sent into a tailspin after the White House announced fresh tariffs, leading to a massive crash on the stock exchanges. The Sensex opened over 3,900 points lower, while the Nifty opened over 1,000 points below. Amidst the chaos, Congress leader Jairam Ramesh couldn’t help but point fingers at two leaders he believes are responsible for this economic turbulence: Prime Minister Narendra Modi and US President Donald Trump.
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.” His tweet was accompanied by a screenshot of a news article highlighting the sharp decline in global markets.
Jairam Ramesh’s criticism is not unfounded. The recent tariff wars between the US and China have already had a significant impact on global trade, and the latest developments are only expected to exacerbate the situation. The US-China trade war has led to a decline in international trade, decreased economic growth, and increased uncertainty. The situation is particularly worrying for emerging economies like India, which have a significant reliance on exports and are vulnerable to fluctuations in global trade.
The Indian government, led by PM Modi, has been facing criticism for its handling of the economy. Despite initial promises of economic reforms, the government’s policies have been seen as protectionist and anti-business. The recent rollbacks on FDI in e-commerce and the government’s decision to impose a 10% tax on foreign investors have sent shockwaves through the business community.
Trump’s trade policies, on the other hand, have been widely criticized for being unpredictable and protectionist. His decision to impose tariffs on Chinese goods has led to a tit-for-tat response from Beijing, resulting in a trade war that has left global markets reeling.
Jairam Ramesh’s comment about Modi and Trump being “experts in giving their economies self-inflicted wounds” is a stark reminder of the consequences of their policies. The two leaders have been accused of prioritizing their political interests over the economic well-being of their citizens.
The impact of these policies will be felt far beyond the borders of the US and India. The global economy is already facing headwinds, with slowing growth in advanced economies and a decline in international trade. The recent developments are only expected to worsen the situation, leading to a decline in economic activity and a rise in unemployment.
In the midst of this economic uncertainty, Jairam Ramesh’s comments serve as a stark reminder of the importance of responsible economic policy-making. The Modi government, in particular, has been criticized for its lack of transparency and accountability in economic decision-making.
As the global economy teeters on the brink of a recession, it is more important than ever that leaders prioritize economic stability and growth over short-term political gains. The recent developments are a wake-up call for policymakers around the world, reminding them of the need for cooperation and coordination to address the challenges facing the global economy.
In conclusion, Jairam Ramesh’s comments are a timely reminder of the self-inflicted wounds that Modi and Trump’s policies have dealt to their respective economies. As the global economy struggles to recover from the effects of their policies, it is essential that leaders prioritize economic stability and growth over short-term political gains.
Source: https://x.com/Jairam_Ramesh/status/1909116322992009326
