America has announced that impose a 50 percent tariff on India. This tariff has come into effect from last Wednesday. Meanwhile, many people in America have termed Trump's decision on tariffs as wrong.
Meanwhile, American economist Richard Wolf has even said that America is acting like the world's toughest man against India, but by insisting on making BRICS an economic alternative to the West, it is shooting itself in the foot.
'Like a mouse punching an elephant'
American economist Richard Wolf said that India is the world's largest democratic country. He clarified that America telling India what it should do is exactly like a mouse punching an elephant.
'India will export somewhere else instead of America'
In an interview given to Russia Today, American economist Wolf said that if America closes its doors for India, then India will find some other place to export its products. He claimed that this step will strengthen BRICS, including India. He also said that just like Russia has found a new market to buy and sell its energy, India will sell its goods to the rest of the BRICS countries instead of America.
Wolf said during his podcast that if you take China, India, Russia, and BRICS, then the share of these countries in global production is close to 35 percent. At the same time, the share of the G7 has come down to about 28 percent.
Trump has imposed a 50 percent tariff on India
It is worth noting that US President Donald Trump has imposed a 50 percent tariff on India as a penalty for buying oil from Russia. The new tariff rates have come into effect from last Wednesday. Let us tell you that this tariff of Trump has been imposed on most of the products. It is worth noting that Trump has accused India of funding Russia to attack Ukraine.
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