New Tariff Regulations: A Shift in Global Economic Dynamics, Says S. Jaishankar
India's Foreign Minister Discusses Economic Challenges
India's Foreign Minister Highlights Economic Weaponization
In the current global landscape, major economies are grappling with the looming threat of a new recession, while discussions around the United States' recently introduced tariff system are intensifying. This has led to a state of confusion in economic markets worldwide. In this context, India's Foreign Minister, S. Jaishankar, has expressed his views, labeling this situation as a new challenge for the world.
Jaishankar pointed out that over the past decade, financial flows, energy supplies, and technology have increasingly been utilized as weapons in economic activities. Consequently, the world is moving towards a new economic equation where policies and restrictions have become integral to a new era of strategic competition. The rising tariffs and sanctions in the global economy are expected to be wielded as tools of power.
Announcement of New Policies
These remarks were made during a panel discussion titled "Commissioners and Capitalists: Politics, Business, and the New World Order" at the Raisina Dialogue held in New Delhi. This commentary comes at a time when the U.S. has announced various tariffs on imported goods from several countries, including India, significantly impacting numerous economies worldwide. The stock markets globally, including those in the U.S., are experiencing turmoil.
Previously, on March 13, White House Press Secretary Carolyn Levitt expressed concern over tariffs imposed on the U.S. by various nations, specifically mentioning tariffs on American wine and agricultural products from India.
Consequences of Tariff Wars
Earlier, Commerce Secretary Sunil Barthwal informed members of a parliamentary committee that tariff wars would not benefit anyone, including the U.S., and could lead to a recession. Some committee members questioned why India is not raising concerns about trade tariffs like Canada and Mexico. Barthwal responded that India's situation cannot be compared to those countries due to the security concerns and immigration issues the U.S. has with them.