A Global Tariff War Impacts India: Minister Jaishankar
Tariff War: The global economy is experiencing a surge in tariffs and trade restrictions. Commenting on this trend, India's External Affairs Minister, S. Jaishankar, stated that whether we like it or not, tariffs and restrictions are now a reality. Jaishankar made this remark during a panel discussion titled "Commissars and Capitalists: Politics, Trade and the New World Order" at the Raisina Dialogue in New Delhi. This statement comes at a time when the United States has announced various tariffs on several countries, including India.
The Need to Accept Tariffs and Restrictions
Minister Jaishankar emphasized that many nations are employing tariffs and restrictions to protect their economic interests. This, he asserted, has become a global reality that must be acknowledged. He reiterated, "Whether we like it or not, tariffs and restrictions have become the reality of trade."
"Fighting for Jobs"
Jaishankar highlighted the global struggle for business and employment. He underscored the critical role of trade and commerce in national strength, emphasizing the need for nations to avoid compromising their economic interests. He also acknowledged the increased openness and fluidity in international relations compared to the past.
The United States and Rising Tariffs
Earlier, on March 13th, White House Press Secretary Karine Jean-Pierre expressed concern over tariffs imposed by various countries. She specifically mentioned India's increased tariffs on American wines and agricultural products. This statement came amidst the US review of its trade relationships.
Trump's Emphasis on Reciprocity
Jean-Pierre also conveyed President Trump's belief in reciprocity and the need for fairness and balance in trade practices. She indicated that before increasing tariffs, the US expects other nations to improve their trade practices to ensure a balanced and fair trade environment for both sides.
