Opposition MPs have raised concerns over United States President Donald Trump’s tariff threats, with senior Congress leader P Chidambaram asking the government to clarify India’s response, emphasising that there has been no discussion in Parliament or consultation with opposition parties on the issue.
As reported by PTI Initiating a discussion on the Finance Bill 2025 in the Rajya Sabha, Chidambaram cautioned that a trade war would lead to depressed exports, lower FDI, higher inflation and currency depreciation.
He said India must stand with saner voices in the world, such as Canada, Britain, France, Germany and Japan, and collectively do everything to prevent a tariff and trade war.
Referring to Trump’s statement that the US will impose tariffs from April 2, the former finance minister said, “What is the government’s response? What is India’s response? There has been no statement of policy, no discussion in Parliament, and no consultation with Opposition parties. The government is holding its cards close to its chest if it has any cards at all.”
Chidambaram further said, “A tariff war will lead to a trade war. The whole world will be hurt…”
He alleged that Sitharaman had announced customs duty reduction on various items, including motor vehicles, passenger cars, goods, transport vehicles, motorcycles, bicycles and even toys in the Union Budget 2025-26 under Trump’s pressure.
Expressing concerns over the tariff issue, Sagarika Ghose (TMC) said, “…A Tsunami is coming on April 2. A new round of reciprocal tariffs is about to be announced by the Donald Trump administration and could prove devastating for India’s export earnings.”
Citing a report, she said 87 per cent of total exports worth as much as USD 66 billion could be hit. Industries employing lakhs of Indians will suddenly lose market share in the US.
Ghose also said that the alleged recovery of piles of cash from the residence of Justice Yashwant Varma on March 14 is an example of the failed policy of demonetisation and asked if Prime Minister Narendra Modi is ready to face punishment to be decided by people for its failure.
The TMC leader said that at the time of demonetisation, the Prime Minister had said if his policy was wrong, people could give him any punishment they wished.
“Is the prime minister ready to face the punishment of the people? …because these piles of cash are a stark example that the policy of demonetisation has resoundingly failed. This government is a failed government,” she said.
