Rishi Sunak Weighs In on Trump Tariffs and India’s Stance
As former U.S. President Donald Trump’s proposed tariffs spark global trade tensions, former UK Prime Minister Rishi Sunak has shared insights into India’s position. Speaking at an international economic forum, Sunak emphasized that “every country is going to work in its own best interest,” highlighting the delicate balance between national priorities and global cooperation.
Trump’s Tariff Proposals and Their Global Impact
Trump, who is eyeing a potential 2024 presidential run, has proposed a 10% tariff on all U.S. imports and a 60% levy on Chinese goods. These measures could significantly impact global trade, particularly for India, a key U.S. trading partner. Sunak noted that India’s pragmatic approach to economic challenges remains crucial in navigating these uncertainties.
India’s Strategic Approach to Trade
Sunak praised India’s focus on economic sovereignty while engaging constructively with global partners. “India has always prioritized its economic interests while fostering international relationships,” he said. The country’s initiatives like “Make in India” aim to strengthen domestic manufacturing and reduce import dependency, but Trump’s tariffs could disrupt key sectors like textiles, pharmaceuticals, and IT services.
Broader Implications of Protectionism
Sunak warned against the risks of protectionist policies. “Tariffs may protect domestic industries in the short term, but they often lead to retaliatory measures that harm global trade,” he said. In an interconnected world, he stressed the importance of collaboration over isolation.
Strengthening Global Trade Partnerships
India has been actively diversifying its trade relationships, engaging with the EU, Southeast Asia, and Africa, while advancing free trade agreement (FTA) talks with the UK. Sunak, who played a key role in India-UK FTA negotiations, highlighted the potential of such agreements to mitigate the impact of U.S. tariffs. “Trade agreements build long-term partnerships and mutual prosperity,” he said.
India’s Path Forward
Sunak reiterated that India’s response to Trump’s tariffs must balance short-term actions with long-term goals. “Every country will work in its own best interest, and India is no exception,” he said. As global trade dynamics evolve, India’s strategic approach will be critical in safeguarding its economic growth while fostering international collaboration.
