‘Economic Volatility Exceeded Expectations’: Jaishankar Amid Trump Tariffs; Says ‘Dignity, Self-Image’ At Stake
EAM Jaishankar warned of global political and economic instability, urging nation-building and prioritising national interests. This follows Trump's remark of sanctioning India for Russian oil purchases.
External Affairs Minister S Jaishankar on Thursday warned that the world is experiencing an “extraordinary period of change” where both political and economic instability are reshaping global dynamics.
Speaking at the inauguration of the SAMHiTA Conference on South Asia’s Manuscript Traditions & Mathematical Contributions in Delhi, he cautioned, “The political complexities are difficult enough but its economic volatility has exceeded expectations. The best response to this era is to intensify nation building, reinforce national identity and without compromise pursue national interests”, news agency ANI reported.
He added that what was at stake extended far beyond economics, stressing, “Beyond the obvious, what is at stake are the dignity and self-image of a people, their freedom to exercise choices and their ability to withstand pressure.”
#WATCH | Delhi: Minister of External Affairs, Dr S Jaishankar says, "The world is passing through an extraordinary period of change. Its architecture is being re-engineered right in front of our eyes. Even as institutions and modes of interaction even of behaviour undergo… pic.twitter.com/86LIaOzOh9
— ANI (@ANI) September 4, 2025
In a subsequent post on X, Jaishankar underlined the need for greater self-reliance, noting, “Highlighted that as we intensify the process of engagement with the world, there is today a really compelling argument for greater ‘Atmanirbharta’, which is also built on the foundation of national self-confidence. And intellectual leadership is particularly critical to that endeavour. Who we were, and what we are, will decide who we will become.”
Trump Defends 'Sanctions' On India Over Russian Oil
Jaishankar’s remarks come after US President Donald Trump stated that his administration had imposed secondary sanctions on India for purchasing Russian oil. During a bilateral meeting with Polish President Karol Nawrocki at the Oval Office, Trump hit back at a Polish reporter questioning his inaction against Moscow, stating, “How do you know there’s no action? Would you say that putting secondary sanctions on India, the largest purchaser outside of China, they’re almost equal, would you say there was no action? That cost huneds of billions of dollars to Russia. You call that no action? And I haven’t done phase two yet or phase three.”
Trump added that two weeks ago he had warned India, “If India buys, India’s got big problems, and that’s what happens. So, don’t tell me about that.”
The US President has levied 25 per cent reciprocal tariffs on India, coupled with an additional 25 per cent duty on its Russian oil imports, raising overall tariffs to 50 per cent since August 27.
Prime Minister Narena Modi has responded, affirming that while pressure may intensify, his government “can’t compromise on the interests of farmers, cattle-rearers, small-scale industries.” New Delhi has condemned the tariffs as “unjustified and unreasonable.”
Putin Warns Against ‘Colonial-Era’ Tactics
Reacting to Washington’s moves, Russian President Vladimir Putin criticised Trump’s strategy of exerting pressure on India and China, describing it as outdated. Speaking to the media at China’s victory parade, he remarked, “Powerful economies like India and China, with heavy populations, have their domestic political mechanism and laws… The colonial era is over. They have to realise they cannot use this term when speaking with their partners.”
He warned that leaders of nations with histories of colonial oppression and sovereignty struggles would not bow to threats. “When somebody tells you, they are going to punish you, you have to think about the leadership of those countries… if one of them shows weakness, his political career will be over, so that influences his behaviour,” Putin noted.
Trump has recently imposed steep tariffs of up to 50 per cent on Indian trade and had earlier slapped 145 per cent duties on Chinese goods, before negotiating an interim deal that brought them down significantly.
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