New York: American economist Richard Wolff has come down heavily on President Trump’s tariff on India saying that ‘India is now, according to the United Nations, the largest country on earth’, NDTV reported.
Wolff reportedly pointed out that the US is acting as the ‘world’s tough guy’ against India and in doing so the country is ‘only shooting in the foot’.
‘India is now, according to the United Nations, the largest country on earth. The United States telling India what to do is like a mouse hitting his fist to an elephant,’ he reportedly said.
President Trump imposed 50 percent tariff on India for buying Russian oil thus in what he said helping Russia’s war in Ukraine.
With the tariff coming into effect on Wednesday the relations between two countries further worsened.
Wolff in an interview with Russia Today said that India would find other markets for its exports in the event of the US shutting off to India.
‘But like Russia found another place to buy its, to sell its energy, India will sell its exports no longer to the United States, but to the rest of the BRICS,’ Wolff reportedly said.
The BRICS with ten countries onboard is looking forward to counterweighing the West’s financial dominance alongside finding alternative to US dollar.
The countries in the grouping are Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
Wolff pointed that ‘If you take China, India, Russia and the BRICS, the total share of world output those countries produce is 35%. The G7 is down to about 28%.’
The American Marxian economist accused Trump of nourishing the BRICs grouping with his tariff policies.
‘And what you're doing is your hothouse fashion, developing the BRICS to be an ever larger, more integrated and successful economic alternative to the West. We are watching a historic moment,’ he was quoted as saying.
However, Trump previously on several occasions called BRICS a ‘little group’, which he said was ‘fading out fast’.
Later , he threatened to impose 100 per cent tariffs on the group in the event of trying to create common currency.
Wolff warned the Trump administration that ‘You are playing with a very different adversary’.