Modi & Trump giving their economies self-inflicted wounds: Jairam
The global financial markets have been sent into a tailspin after the White House announced new tariffs on Chinese goods. The announcement has sparked widespread panic, with investors rushing to sell their assets and stock markets plummeting. In India, the Sensex opened over 3,900 points lower, while the Nifty opened over 1,000 points below. Amidst the chaos, Congress leader Jairam Ramesh has lashed out at Prime Minister Narendra Modi and US President Donald Trump, accusing them of inflicting self-inflicted wounds on their economies.
In a scathing tweet, 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.” The tweet has gone viral, with many users praising Ramesh for his bold and timely intervention.
Ramesh’s criticism is not unfounded. Both Modi and Trump have been known for their protectionist policies, which have led to a series of trade wars and tariffs imposed on various countries. The latest announcement by the White House is just the latest example of this trend. The tariffs, which aim to raise revenue and put pressure on China to negotiate a trade deal, are likely to have far-reaching consequences for the global economy.
The Indian economy, in particular, is vulnerable to the fallout of the trade war. The country’s trade deficit with the US is significant, and any increase in tariffs is likely to lead to a sharp decline in exports. The Indian rupee has already taken a beating, with the currency tumbling to a record low against the US dollar.
Moreover, the trade war is also expected to have a devastating impact on Indian businesses, which rely heavily on imports from China. The tariffs imposed by the US on Chinese goods will lead to a surge in prices, making it difficult for Indian companies to remain competitive. Small and medium-sized enterprises (SMEs) are likely to be the hardest hit, as they have limited resources to absorb the shock of rising costs.
The global economy is already facing a range of challenges, including a slowdown in growth, rising protectionism, and increasing uncertainty. The trade war is only likely to exacerbate these challenges, making it even more difficult for countries to recover from the current economic downturn.
Ramesh’s criticism of Modi and Trump is not just about their economic policies, but also about their leadership style. Both leaders have been known for their authoritarian tendencies and their willingness to bend the rules to suit their own agendas. The trade war is just the latest example of this trend, with both leaders using tariffs as a tool to exert pressure on their opponents.
In conclusion, Jairam Ramesh’s criticism of Modi and Trump is timely and well-deserved. Both leaders have been guilty of giving their economies self-inflicted wounds, and their protectionist policies are likely to have far-reaching consequences for the global economy. It is essential that they rethink their approach and work towards finding a solution that benefits all countries, rather than just their own.
Source: https://x.com/Jairam_Ramesh/status/1909116322992009326
