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US President Donald Trump’s decision to impose tariffs on countries around the world is unprecedented and could lead to a global recession, said India’s former chief economic advisor, Arvind Subramanium.
It could end the international monetary, financial and trade system that has been in place since World War II, he said,
India, he said, could potentially benefits from this new situation. But regardless, it should focus on liberalising its economy, becoming more open to importing more from the world in order to export more and to expand its industrial base.
Note: The US has since announced a 90-day pause on increased tariffs with the exception of China, imposing a 125% tariff on Beijing.
