'Both are experts in...': Jairam Ramesh's jibe at PM Modi-Trump's friendship and reciprocal tariffs

Congress leader Jairam Ramesh on Monday took a jibe at Prime Minister Narendra Modi and US President Donald Trump's friendship while sharing his take on the US reciprocal tariff situation. Ramesh said that both Modi and Trump are experts in sabotaging their respective economies. 

In Trump's case, this was the sweeping reciprocal tariff policy whereas in Modi's case, it was the demonetisation that took place on November 8, 2016. He added that the markets are reacting in a predictable manner after Trump's announcement. 

Ramesh's jibe at Trump and Modi's friendship came as Indian markets saw a bloodbath, triggered by Trump's reciprocal tariffs, for the second straight session on Monday. 

"It is no wonder that Mr Modi and Mr Trump describe themselves as good friends. Both are experts in giving their economies self-inflicted wounds. Nov 8, 2016 was demonetisation. April 2, 2025 was the bizarre reciprocal tariffs. Markets are reacting predictably in a tariffying manner," Ramesh wrote on X (formerly Twitter). 

Meanwhile, India is unlikely to retaliate against Trump's 26 per cent reciprocal tariff on its imports, news agency Reuters reported citing government officials.

A government official said the Centre has looked into a clause of Trump's tariff order that offers a likely reprieve to trading partners who "take significant steps to remedy non-reciprocal trade agreements". 

Another government official told Reuters that New Delhi is seeing an advantage in being one of the first nations to start talks with Washington for a trade deal and is, thus, better placed than its Asian peers -- China, Vietnam, and Indonesia. 

Trump, on the other hand, likened his administration's approach to taking necessary 'medicine' for economic issues that the US is facing, despite Indian and global markets being on tenterhooks. 

Indian stock indices -- Sensex and Nifty-- crashed for the second straight session on Monday after the global markets went down on Trump's 'Liberation Day' tariffs and recession fears.

Sensex was down 3,000 points to 72,329 and Nifty dropped 971 points to 21,932 in early trade. Within minutes of market opening, investor wealth fell by ₹19 lakh crore to ₹383.95 lakh crore today from ₹403.34 lakh crore in the previous session.

Since Trump took over as the US President, India's stock market capitalisation has went down ₹45.57 lakh crore from ₹4,31,59,726 crore on January 20 to ₹3,86,01,961 crore.