EBM News English
Leading News Portal in English

Did Donald Trump’s 25% Tariff Trigger A Financial Emergency In India? Here’s The Truth News24 –

National
By Correspondent


Pakistani social media handles are busy shaping propaganda against India. The latest includes a handle @Middle_Eastern0 (Middle Eastern Affairs) has built up a new weird propaganda which claimed that India has declared a financial emergency, alleging that there was a $60 billion market wipeout following the tariff announcement by Trump. Though the post hasn’t created any panic in India and the neighbouring countries, it has created a little bit of confusion to a few people. What is the truth behind the post? Did India announce a financial emergency In India? To find the answer, read on..

However, the Fact-check team at the PIB has indicated that the post’s claim is fake and untrue. They added that no financial emergency was declared in India. Commerce Minister Piyush Goyal has said what in appears to be in response to US President Donald Trump’s jibe that India is a ‘dead economy. Goyal also highlighted that the Indian economy will soon become the third largest in the world in terms of GDP size. India is currently the world’s fastest-growing major economy. He also said that in a span of few years India has gone from being the world’s 11th largest to the 5th largest.

“In less than a decade, India came out of ‘Fragile Five’ economies and it has now become the fastest-growing economy of the world. On the basis of the hardwork of reforms, farmers, MSMEs and industrialists, we have come in the top 5 economies of the world from the 11th largest economy. It is expected that we would be the third largest economy in a few years. Today, global institutions and economists see India as a bright spot in the global economy..,” Goyal said.

“Government is examining the impact of the recent events. Ministry of Commerce and Industry is holding talks with exporters, industries and all stakeholders and gathering information on their assessment of this issue. Government gives utmost priority to the safeguarding of welfare of farmers, labourers, entrepreneurs, industrialists, exporters, MSMEs and stakeholders of the industrial sector. We will take all necessary steps to safeguard our national interest,” he said in Parliament.

What Trump Said

Trump shared on Truth Social, “I don’t care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World. Likewise, Russia and the USA do almost no business together. Let’s keep it that way, and tell Medvedev, the failed former President of Russia, who thinks he’s still President, to watch his words. He’s entering very dangerous territory!”.

India’s Stance On Trump’s 25% tariffs

According to the ministry of commerce and industry trade talks continue with the US, however, India will not compromise on its national interest to seal a trade deal. “The Government has taken note of a statement by the US President on bilateral trade. The Government is studying its implications. India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective,” the commerce ministry release had said. “The Government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs. The Government will take all steps necessary to secure our national interest, as has been the case with other trade agreements including the latest Comprehensive Economic and Trade Agreement with the UK,” it added.

Why 25% Tariffs?

Trump has imposed a 25% tariff on India, as a result of India’s continuous trade deal with Russia. “They have always bought a vast majority of their military equipment from Russia, and are Russia’s largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!,” Trump posted on Truth Social.

Experts largely view Trump’s announcement as a negotiation strategy, particularly since he launched multiple aggressive remarks in a single day. From labeling India’s trade barriers “strenuous and obnoxious” to warning of further penalties over India’s oil and arms deals with Russia, Trump has unleashed a barrage of criticism. He even cited India’s BRICS membership as a factor influencing the tariff decision.

According to White House economic adviser Kevin Hassett Trump is ‘frustrated’ with India. “I think President Trump is frustrated with the progress we’ve made with India but feels that a 25% tariff will address and remedy the situation in a way that’s good for the American people,” he has said.




You might also like More from author