Title: Modi & Trump giving their economies self-inflicted wounds: Jairam
In a scathing criticism, Congress leader Jairam Ramesh lashed out at Prime Minister Narendra Modi and US President Donald Trump for their recent economic decisions, saying that both leaders are experts in inflicting self-inflicted wounds on their economies. The remarks came after global markets crashed following the White House’s announcement of new tariffs, which sent shockwaves around the world.
Ramesh’s comments were made on social media, where he tweeted, “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.” The tweet was accompanied by a graphic showing the sharp decline in Indian stock markets, with the Sensex opening over 3,900 points lower and Nifty opening over 1,000 points below.
The Congress leader’s remarks were seen as a veiled attack on the economic policies of both Modi and Trump, who have been known for their protectionist and nationalist rhetoric. The US President’s decision to impose tariffs on imported goods has sparked a trade war with China, while Modi’s government has been criticized for its handling of the economy, including a recent decision to impose tariffs on imported goods.
The global market reaction to the tariffs was immediate and severe, with stocks plummeting and currencies weakening. The Indian rupee hit a record low against the US dollar, while the yen and other Asian currencies also fell sharply. The impact was felt across the globe, with markets in Europe and the US also experiencing significant declines.
Ramesh’s comments were seen as a sign of growing frustration among opposition leaders in India with the government’s economic policies. The Congress party has been critical of Modi’s government for its handling of the economy, including a recent decision to raise taxes on fuel and other essential goods.
The government’s decision to impose tariffs on imported goods has also been criticized for its potential impact on the economy. The tariffs are expected to increase the cost of goods for consumers, leading to higher prices and potentially even higher inflation. The move has also been seen as a protectionist measure, designed to shield domestic industries from foreign competition.
Trump’s decision to impose tariffs on imported goods has been seen as a similar move, aimed at protecting American industries and creating jobs. However, the move has also been criticized for its potential impact on the global economy and for sparking a trade war with China.
The global market reaction to the tariffs has been severe, with stocks and currencies experiencing significant declines. The impact has also been felt in the real economy, with businesses and consumers feeling the effects of higher prices and reduced trade.
Ramesh’s comments were seen as a warning to both Modi and Trump that their economic policies are having a negative impact on their economies. The Congress leader’s remarks were also seen as a sign of growing frustration among opposition leaders in India with the government’s economic policies.
In conclusion, Jairam Ramesh’s comments were a scathing attack on the economic policies of both Narendra Modi and Donald Trump. The Congress leader’s remarks highlighted the potential negative impact of both leaders’ policies on their economies, and warned of the risks of protectionism and nationalism.
News Source:
https://x.com/Jairam_Ramesh/status/1909116322992009326
