Singapore: Senior Congress leader Shashi Tharoor on Friday criticized US President Donald Trump over steep tariffs imposed on Indian exports, warning that they were hurting the economy and leading to large-scale job losses.
Speaking at CREDAI-NATCON, a real estate industry conference in Singapore, Tharoor said the US decision to levy a 50 per cent tariff on Indian shipments, including a 25 per cent penalty for buying Russian oil, has had a severe impact.
“Already, people are losing jobs. 1.35 lakh people in Surat have been laid off in the the Gems and jewelry business,” he said.
Tharoor described Trump as a “mercurial” leader who does not honor conventional standards of diplomatic behavior. “Even though there have been 44 or 45 presidents before him, no one has ever seen this kind of behavior coming down from the White House,” he remarked. He criticized Trump’s remarks about deserving a Nobel Peace Prize and disparaging comments on India and Russia, calling them unprecedented from a head of government.
The truth is that these tariffs have had a very negative impact on India, Tharoor remarked, adding that many exports had become unviable due to the initial 25 per cent tariff, with the additional 25 per cent penalty making access to the US market virtually impossible.
He argued that the penalty amounted to sanctions for India’s oil imports from Russia, calling it “totally unfair” since China was importing even more Russian energy. “This entire sanction policy seems to be completely bizarre and unsustainable. But, anyway, until that sanction is removed, however successfully we negotiate a basic trade deal, we still have an enormous problem,” he said, urging the US to adopt a uniform approach towards all buyers of Russian oil.
Tharoor emphasized the need for India to diversify its export markets and political ties. He pointed to the recent trade agreement with the UK as a positive step and stressed building stronger relations with Europe. He also noted renewed efforts to engage with China despite tensions, and said ties with Russia could become “warmer” going forward.
“We can’t just afford to sit there and say we have no other option,” he said, adding that India must widen both its economic and diplomatic avenues to mitigate the impact of US measures.
The three-day CREDAI-NATCON conference in Singapore has brought together over 1,000 delegates, including developers and consultants from India’s real estate sector.