Trump Tariffs: US Will Be Forced To Reverse Its 'Economic Vandalism', Says Ramesh Damani
"I’ve never in my life seen such a destruction of the global order by a leader of the free world," says the veteran.
As financial markets reel from US President Donald Trump’s sweeping new tariff regime, veteran investor Ramesh Damani says the US will eventually be forced to reverse course, calling the tariffs “economic vandalism.”
Trump’s so-called “reciprocal tariffs” have shaken investor confidence worldwide. His latest move includes duties as high as 104% on Chinese imports and steep import taxes on 60 other trade surplus nations—India now faces a 26% tariff, while EU goods will be taxed at 20%. The broader 10% baseline tariff has already taken effect. Asian economies are among the hardest hit, with Cambodia and Vietnam slapped with 49% and 46% duties, respectively.
"Sometimes you just run out of expressions and expletives to explain what’s going on—and I’ve reached that point,” he said regarding the White House’s policy direction.
I’ve never in my life seen such a destruction of the global order by a leader of the free world. America is turning inward, not left or right. This isn’t making America great again—it’s making America regressive again.Ramesh Damani
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'World Will Move On'
Despite the shockwaves, Damani believes global economies will recalibrate. “The world will not sit down and take it. New alliances and strategies will form. If the US wants to be left behind, it will be,” he said.
He cited China’s development of an alternative cross-border payment infrastructure—faster and cheaper than America’s—as a sign that US soft power is fading.
According to Damani, these changes will prompt investors to shift their focus away from Wall Street. “The Dow Jones was the first number we looked at every morning. That may no longer be the case. People will increasingly track European and Chinese markets instead.”
The veteran added that economic realities will ultimately catch up with Trump. “When the Titanic hit the iceberg, it’s the iceberg that won. America may seem impregnable, but public pressure, high inflation, and economic pain on Wall Street will force it to reverse.”
No Panic For India
Damani remains bullish on India and other emerging markets, arguing their strong domestic demand will shield them from external shocks. “There’s nothing for India to panic about now,” he said, adding that investors here are staying calm despite the noise.
He also underlined the growing importance of local investors. “Just like foreign institutional investor numbers no longer dominate headlines, people are realising that domestic flows can hold up markets too.” He advised Indian investors to look inward for companies that stand to gain from this shift.
