New Delhi (Economy India): In a provocative statement that stirred global economic and diplomatic circles, former U.S. President Donald Trump referred to India and Russia as “dead economies” while defending his administration’s move to impose a 25% import tariff on Indian-made products — except iPhones assembled in India.
Trump’s remarks came during a media interaction on Thursday. “Let India and Russia sink their economies together — I don’t care,” he said, hinting at what he sees as non-competitive or strategically aligned economies defying U.S. interests.
Silver Price Plunges Rs3,450 to Rs1.11 Lakh/kg
Amid the diplomatic tensions, Indian commodity markets saw a sharp fall in silver prices, which dropped by Rs3,450 to reach Rs1,11,200 per kilogram on August 1. This is one of the steepest single-day declines in recent weeks, influenced by global cues, dollar strengthening, and metal market volatility.
Medvedev Responds: “Trump Is Panicking”
Responding to Trump’s assertion, former Russian President Dmitry Medvedev said, “This is a sign of panic. Powerful American leaders are clearly unsettled.” His statement came in defense of the continued economic and strategic cooperation between India and Russia, particularly in energy trade and defense partnerships.
iPhones from India Exempted from U.S. Tariff
Despite the tariff announcement, iPhones assembled in India by Apple Inc. are exempt from the 25% duty, signaling the U.S.’s selective protectionist approach. Analysts say the exemption reflects the growing importance of India as a manufacturing base for global tech giants, especially amid U.S.-China decoupling trends.
Geopolitical and Economic Implications
Trump’s remarks and tariff move are expected to raise friction in U.S.-India trade relations, especially ahead of the 2025 U.S. elections. While India continues to strengthen its bilateral ties with Russia in energy and defense, these comments are likely to be seen as part of a broader American effort to recalibrate its strategic alliances.
At the same time, the volatility in silver and commodity prices underscores the sensitive correlation between global politics and financial markets.
(Economy India)
