Richard Wolff, an American economist, has criticized the United States’ approach to India, specifically regarding trade tariffs. Wolff likens the US’s actions to a mouse attempting to fight an elephant, suggesting a misjudgment of the situation. He believes that the US’s strategy could backfire and boost the BRICS economic alliance, seen as a rival to Western economic influence.
Wolff pointed out that the US actions might force India to seek alternative trading partners, which would strengthen the BRICS nations. He emphasized that BRICS members are becoming increasingly significant in global production, surpassing the G7 in terms of global economic output.
The BRICS grouping includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates. Their primary goal is to challenge the financial dominance of the Western world. They are also exploring avenues to diminish their reliance on the US dollar.
Trump has dismissed BRICS in the past, even suggesting its demise. He has also threatened trade sanctions if BRICS attempted to create a shared currency. Wolff highlighted that the US has a long-standing relationship with India, spanning back to the Soviet era, cautioning against actions that could damage this historic alliance.