Modi & Trump giving their economies self-inflicted wounds: Jairam
The recent tariff war between the United States and China has sent shockwaves across the global markets, with the Indian economy not being immune to its effects. The Sensex opened over 3,900 points lower, while the Nifty opened over 1,000 points below its previous day’s close. The Congress leader, Jairam Ramesh, has criticized Prime Minister Narendra Modi and US President Donald Trump for their role in causing this economic turmoil.
Taking to Twitter, Jairam 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.” His statement comes after the White House announced tariffs on Chinese goods, which led to a sharp decline in global markets.
The imposition of tariffs by the US on Chinese goods worth $200 billion has sparked a trade war between the two nations. China has retaliated by imposing tariffs on US goods worth $60 billion. This escalation has sent shockwaves across the global markets, with investors becoming increasingly anxious about the potential impact on their portfolios.
The Indian economy, which is heavily dependent on foreign investment and exports, has been particularly affected by this trade war. The decline in global markets has led to a sharp decline in the value of the rupee, making imported goods more expensive. This has led to a rise in inflation, which could have a negative impact on the overall economy.
Jairam Ramesh’s statement is a scathing critique of the economic policies of both Modi and Trump. The Congress leader has been a vocal critic of the Modi government’s economic policies, which he believes are causing harm to the Indian economy. He has repeatedly accused the government of neglecting the needs of the common man and prioritizing the interests of big business.
Trump, on the other hand, has been accused of being protectionist and nationalist. His trade policies have been criticized for being aggressive and unpredictable, which has led to a decline in global trade and investment. The imposition of tariffs on Chinese goods has been seen as a protectionist move, which has led to a sharp decline in global markets.
The trade war between the US and China has far-reaching implications for the global economy. It has led to a decline in global trade and investment, which could have a negative impact on the overall economy. The potential consequences of this trade war are severe, and it is essential that the governments of the world work together to resolve the issue.
In conclusion, Jairam Ramesh’s statement highlights the danger of protectionist and nationalist economic policies. The imposition of tariffs by the US on Chinese goods has sparked a trade war, which has sent shockwaves across the global markets. The Indian economy, which is heavily dependent on foreign investment and exports, has been particularly affected by this trade war. It is essential that the governments of the world work together to resolve this issue and promote global trade and investment.
News Source:
https://x.com/Jairam_Ramesh/status/1909116322992009326
