Economist Richard Wolff has offered a critical perspective on the United States’ trade policies towards India, particularly the imposition of tariffs. He suggests that the US’s actions are misguided and could inadvertently harm its own interests. Wolff views the US approach as akin to a mouse attempting to punch an elephant.
Wolff’s analysis indicates that these trade measures could inadvertently strengthen the BRICS alliance, an emerging economic force that rivals the West. He believes that India, as a major economy, will seek alternative markets if the US restricts trade. This could result in India favoring trade with BRICS countries.
BRICS, comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates, aims to counterbalance Western financial dominance. The group is also exploring alternatives to the US dollar.
Trump has historically downplayed the significance of BRICS and even threatened trade sanctions if the group attempts to establish a common currency. Wolff has emphasized the historical ties between the United States and India. He cautioned against policies that could damage this relationship.