Modi & Trump Giving Their Economies Self-Inflicted Wounds: Jairam
The global markets are reeling after the White House announced new tariffs on imported goods, triggering a massive sell-off that sent shockwaves across the world. The Indian stock market was not spared either, with the Sensex opening over 3,900 points lower and the Nifty plummeting over 1,000 points below. Amidst the chaos, Congress leader Jairam Ramesh lashed out at Prime Minister Narendra Modi and US President Donald Trump, saying they are experts in inflicting self-wounds on their economies.
On Twitter, 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 scathing remark comes as the US-China trade war continues to escalate, with the US imposing new tariffs on Chinese goods and China retaliating with its own set of tariffs.
The global markets have been on a rollercoaster ride since the beginning of the year, with the US-China trade war being a major factor. The uncertainty and unpredictability of the trade war have made investors nervous, leading to a decline in confidence and a subsequent sell-off. The Indian economy, which is closely tied to the global economy, has been feeling the pinch as well.
The Sensex, which had been hovering around the 40,000 mark just a few days ago, opened over 3,900 points lower, wiping out around 10% of its value. The Nifty, which was around 11,800, opened over 1,000 points below, losing around 9% of its value. The sell-off was so severe that it was enough to wipe out all the gains made by the Indian stock market in the past year.
The crisis is not limited to the Indian stock market. The global markets are also reeling from the impact of the trade war. The US stock market, which had been on a tear for most of the year, has seen a significant decline in recent weeks. The S&P 500, which had been hovering around the 3,000 mark, has lost around 10% of its value in the past month.
The economic impact of the trade war is being felt across the globe. The US-China trade war has led to a decline in global trade, which has had a ripple effect on economies around the world. The Indian economy, which is heavily dependent on exports, has been particularly affected. The decline in exports has led to a decline in GDP growth, which has in turn led to a decline in consumer confidence.
Jairam Ramesh’s criticism of PM Modi and US President Trump is not without merit. Both leaders have been known for their protectionist policies, which have led to a decline in trade and a rise in tariffs. The US-China trade war is a classic example of the harm that protectionism can cause. The tariffs imposed by the US on Chinese goods have led to a decline in trade, which has had a ripple effect on the global economy.
The Indian economy is also not immune to the impact of protectionism. PM Modi’s government has been known for its protectionist policies, which have led to a decline in trade and a rise in tariffs. The recent hikes in tariffs on imported goods have led to a decline in exports, which has had a negative impact on the economy.
In conclusion, the crisis in the global markets is a stark reminder of the harm that protectionism can cause. The US-China trade war and the protectionist policies of PM Modi’s government have led to a decline in trade and a rise in tariffs, which has had a ripple effect on the global economy. Jairam Ramesh’s criticism of PM Modi and US President Trump is a timely reminder of the need for free trade and the dangers of protectionism.
Source:
https://x.com/Jairam_Ramesh/status/1909116322992009326
