'Economic War': Economist Richard Wolff Slams Trump's Additional Tariffs On India
G7's combined GDP is now 28% of world output, while China and the Brics nations control 35%, says the American economist.
American economist Richard Wolff, during an interview with Rick Sanchez, a prominent American journalist and radio host, has slammed US President Donald Trump's additional tariffs on India for buying Russian oil.
He argued that the move is pushing India into the arms of other nations in the Brics group — Brazil, Russia, India, China and South Africa. This, according to the professor, is helping them develop into a bloc that could in the future rival against the West.
Wolff pointed out that India is no longer a small country but the largest country on earth by population. He added that if the US continues its aggressive tactics, it is likely that India would find new markets for its exports. Similar to Russia finding new markets to sell its oil.
"If you shut off the United States to India by big tariffs, India will have to find other places to sell its exports. But like Russia found another place to sell its energy, India will sell its exports no longer to the United States, but to the rest of the Brics,” Wolff stated.
He said that if the US keeps pushing India with tariffs, that will only integrate it into Brics in a more unified and successful economic force. Together, they will be able to compete with the Western powers. "We are watching a historic moment, but it will be, for those with some humor, it will be the spectacle of the United States acting like it's the world’s tough guy, as what it actually does is shoot itself in the foot."
Wolff also said that the United States and its G7 allies are no longer the world's dominant bloc.
"We peaked about 12–15 years ago, and we are on the way down," he said, pointing out that the G7's combined GDP is now 28% of world output, while China and the Brics nations control 35%.
"This is new. We're not the wealthiest bloc anymore — we're number two. And that changes everything," he said.
Wolff also pointed that the three countries are reacting to the "economic war" imposed by the US.
He stated that the US is no longer the power it once was. "No, now it's a power using whatever it can to survive and and and throwing away its allies, throwing away much of its history in doing it. This is not going to work out well. And it's the behavior of a desperate society," he added.
