Donald Trump Announces 25% Tariff on India and Penalties on Trade with Russia; Canadian Industrialist Kirk Lubimov Calls it a Strategic Blunder by the US.
Trump India Tariff: The announcement by US President Donald Trump of a high 25 percent tariff on India and economic penalties for trading with Russia has caused a stir in global politics and the business world. The decision has been criticized by many countries and analysts. Now, Kirk Lubimov, a well-known Canadian businessman and Chairman of Testbed, has also reacted sharply to this. He has called Trump's policy strategically flawed and warned that a confrontation with India could prove to be a serious mistake for the US.
India, the World's Fastest-Growing Economy
In his reaction on social media, Kirk Lubimov said that Trump is picking a fight with India, the world's fastest-growing economy. He wrote that Prime Minister Narendra Modi is currently considered one of the most respected leaders globally, and India's role on the global stage is extremely important.
According to Lubimov, Trump's tariff policy completely lacks geopolitical strategy. He believes that the US should see India as an ally, not as an adversary.
India's Role Crucial in Balancing China's Dominance
The Canadian businessman wrote in his post that India's role is extremely important in the global supply chain, especially for balancing China's growing dominance. He advised Trump that increasing cooperation with India could be strategically beneficial for the US, as manufacturing could be shifted from China to India.
Lubimov also said that the US will not make 50-cent toothbrushes, so it needs countries like India for production. He advised Trump to jointly utilize natural resources and technological capabilities with Canada instead of putting pressure on India.
Trump Levies Serious Allegations Against India
Donald Trump called India a "Dead Economy" and said that he does not care what India does with Russia. He also spoke about imposing economic penalties on India for trading with Russia.
Trump said that India is among the countries that impose the highest tariffs on American goods in the world, causing heavy losses to the US. Announcing the 25% tariff, he said that India's trade policies are not favorable to the US.
India's Growing Closeness with Russia
After the Russia-Ukraine war, India has increased its import of crude oil from Russia. Before the war, India's Russian oil imports were less than 1%, which has now increased to more than 35%. This has increased the concern of the US. Trump's administration has started targeting India for this reason.
Not only this, the Trump administration has also recently imposed sanctions on 6 Indian companies involved in the purchase and sale of petrochemical products from Iran. This action is said to be part of America's broader global strategy.
Strong Reaction from India
The Indian government has reacted bly to Donald Trump's statements. Commerce and Industry Minister Piyush Goyal, while giving a statement in Parliament, said that India is currently the fastest-growing major economy in the world. He informed that India is contributing about 16% to global growth. The country's economy has now emerged as an engine of global growth, not one of the world's five fragile economies.
India on the Path to Becoming the Third Largest Economy
Goyal also said that in the coming years, India is moving towards becoming the third-largest economy. The economic reforms and the strengthening of the private sector in the country have further strengthened India's global position.
