[Source/Observer Network, Qi Qian] The tariff measures of the Trump administration have aroused global anger and panic and been unanimously criticized by the international community.

However, India's thoughts are "off the mark", claiming to see a "once-in-a-lifetime opportunity" in this chaos. According to a report by Bloomberg on April 8, India's Minister of Commerce and Industry, Piyush Goyal, said at the Mumbai India Global Forum on the 7th that the trade war is beneficial for fair supply chains and advantageous for India. He also tried to shift the blame onto Trump, claiming that China's accession to the WTO has led to trade chaos.

At the forum, when talking about the global trade disputes initiated by Trump, Goyal said: "We are at a historical moment, and India is fully capable of turning the current situation into an opportunity. We have a once-in-a-lifetime opportunity."

Indian Minister of Commerce Piyush Goyal attended the forum on the 7th, video screenshot (same as below).

The report mentioned that on the day Goyal made the above remarks, Asian stock markets hit historic declines. Since Trump recently announced the imposition of "reciprocal tariffs" on the entire world, global stock market values have evaporated by 10 trillion US dollars, with market volatility surging. Subsequently, China, the EU, Canada, and other economies have announced countermeasures in response to US tariffs.

India faces a "reciprocal tariff" rate of up to 26% from the United States. However, in stark contrast to the responses of China, the EU, and other economies, India stated it would not retaliate against the United States but instead focus its efforts on negotiating a bilateral trade agreement with the Trump administration.

Goyal downplayed any direct impact of the tariffs on India's economy that day. He told Bloomberg reporters that the tariffs had little effect on India because India was "not an export-dependent economy." He boasted: "The huge domestic demand will keep India's economy growing strongly... Any disruption in trade may not affect India so much."

On the 7th local time, Indian Foreign Minister S. Jaishankar released a statement saying he had held talks with US Secretary of State Rubio to discuss trade, tariffs, and how the two countries could "move toward a fair and balanced trade relationship."

Even more bizarrely, Trump unilaterally provoked global trade chaos, and Goyal actually blamed China at the forum.

Goyal had a clear logic, stating that the current global economic turmoil could be traced back to China's entry into the WTO nearly 25 years ago, and attacked China's economic growth as being detrimental to "fair global trade." He claimed: "If someone asks me why we are in the situation we are in today and why we are experiencing this turmoil, the starting point can be traced back to the early 21st century when China was admitted as a member of the WTO."

When discussing foreign investment in India, Goyal continued to unabashedly praise Western countries, claiming that compared to Chinese investments, India welcomed investments from the United States, the EU, and the UK "based on strategic interests."

Goyal talked about US tariffs, saying they were "beneficial" for India.

In India, Goyal's views have many supporters. The Times of India reported earlier that Trump's tariff policy posed both challenges and opportunities for India. Madan Sabnavis, chief economist of Baroda Bank, even said that India's tariffs are lower than those of its competitors, which "may be an advantage because we can expand our scale and replace exports from these countries."

In fact, even before Trump came to power, the Indian government had been trying to please the United States.

Last December, Reuters cited reports indicating that India intended to significantly reduce tariffs on the US and purchase American goods in order to become a "Chinese substitute" when Trump escalated the trade dispute with China. In February, Indian Prime Minister Modi visited the US to try to address the issue of tariffs.

However, India is truly "throwing a warm face against a cold shoulder." On the 13th local time, during Trump's meeting with Modi, Trump announced the impending imposition of "reciprocal tariffs" and repeatedly referred to India as the "King of Tariffs" and "abuser of trade relations." Data shows that by March in the 2023/24 fiscal year, bilateral trade between India and the US exceeded 118 billion US dollars, with India enjoying a trade surplus of 32 billion US dollars.

Despite repeated attempts to please, Trump still imposed a 26% "reciprocal tariff" on India, and India immediately stated it would not retaliate.

Reuters said that tariffs could slow India's economic growth this fiscal year by 20 to 40 basis points, paralyzing one-third of the diamond industry, which exports to the US, affecting thousands of jobs. BBC reported that according to Citigroup research analysts, India might lose up to 7 billion US dollars annually due to reciprocal tariffs, mainly affecting industries such as metals, chemicals, and jewelry, with pharmaceuticals, automobiles, and food also at risk.

Domestically in India, more and more people are worried that India may make excessive compromises with the US. Ajai Srivastava, founder of India's "Global Trade Research Initiative" (GTRI), told the BBC that the Indian government tended to "soften trade policies based on rhetoric rather than economic pressure," indicating a lack of confidence in global trade negotiations.

"Compared with other major economies, India has preemptively surrendered in multiple areas of trade," he said. If this trend continues, India may make more compromises in trade agreements with the US, further "weakening its bargaining power."

This article is an exclusive contribution from Observer Network and cannot be reprinted without permission.

Original source: https://www.toutiao.com/article/7491133926350668339/

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