Congress chief Jairam Ramesh on Monday took a jibe at Prime Minister Narendra Modi and US President Donald Trump’s friendship whereas sharing his tackle the US reciprocal tariff state of affairs. Ramesh mentioned that each Modi and Trump are consultants in sabotaging their respective economies.
In Trump’s case, this was the sweeping reciprocal tariff coverage whereas in Modi’s case, it was the demonetisation that came about on November 8, 2016. He added that the markets are reacting in a predictable method after Trump’s announcement.
Ramesh’s jibe at Trump and Modi’s friendship got here as Indian markets noticed a massacre, triggered by Trump’s reciprocal tariffs, for the second straight session on Monday.
“It’s no marvel that Mr Modi and Mr Trump describe themselves pretty much as good buddies. Each are consultants in giving their economies self-inflicted wounds. Nov 8, 2016 was demonetisation. April 2, 2025 was the weird reciprocal tariffs. Markets are reacting predictably in a tariffying method,” Ramesh wrote on X (previously Twitter).
In the meantime, India is unlikely to retaliate in opposition to Trump’s 26 per cent reciprocal tariff on its imports, information company Reuters reported citing authorities officers.
A authorities official mentioned the Centre has seemed right into a clause of Trump’s tariff order that provides a probable reprieve to buying and selling companions who “take important steps to treatment non-reciprocal commerce agreements”.
One other authorities official instructed Reuters that New Delhi is seeing a bonus in being one of many first nations to begin talks with Washington for a commerce deal and is, thus, higher positioned than its Asian friends — China, Vietnam, and Indonesia.
Trump, alternatively, likened his administration’s method to taking vital ‘medication’ for financial points that the US is going through, regardless of Indian and international markets being on tenterhooks.
Indian inventory indices — Sensex and Nifty– crashed for the second straight session on Monday after the worldwide markets went down on Trump’s ‘Liberation Day’ tariffs and recession fears.
Sensex was down 3,000 factors to 72,329 and Nifty dropped 971 factors to 21,932 in early commerce. Inside minutes of market opening, investor wealth fell by ₹19 lakh crore to ₹383.95 lakh crore as we speak from ₹403.34 lakh crore within the earlier session.
Since Trump took over because the US President, India’s inventory market capitalisation has went down ₹45.57 lakh crore from ₹4,31,59,726 crore on January 20 to ₹3,86,01,961 crore.
