American economist Richard Wolff has stated that the US is behaving like a ‘tough guy’ by imposing tariffs on India, but in reality, it’s shooting itself in the foot. Trump’s actions are seen as a move that strengthens BRICS, an economic alternative to the West.
According to the United Nations, India is the world’s most populous country. Wolff characterized the US’s attempt to dictate terms to India as akin to a mouse punching an elephant.
Wolff, in an interview with Russia Today, explained that if the US closes its doors to India, India will find other markets to sell its goods, which will further empower BRICS nations. He drew a parallel to Russia, which has found alternative markets to sell its crude oil, and predicted that India would also turn to BRICS countries.
Wolff pointed out that if you consider China, India, Russia, and BRICS, these countries account for 35% of total global production, while the G7’s share has fallen to approximately 28%.
BRICS comprises Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates. Its aim is to counter Western financial dominance. The group is also exploring alternatives to challenge the dominance of the US dollar.
Trump has dismissed BRICS on several occasions, calling it a small group. He also threatened to impose 100% tariffs if BRICS attempts to create a common currency instead of the US dollar. Wolff emphasized the long-standing relationship between India and the US, going back to the Soviet Union era. He suggested the US is playing against a formidable adversary, acting as if it’s the world’s most powerful entity while undermining its own interests.
