New Delhi [India], March 9 (ANI): Congress General Secretary Jairam Ramesh on Sunday talked about how thanks to US President Donald Trump, the word ‘tariffs’ has become a household name across the world.
Jairam Ramesh shared a trivia about how in 1913, the US Constitution was amended to introduce a federal income tax and the economist who championed for the same was a mentor of Dr B R Ambedkar.
“President Trump has made tariffs a household name across the world,” he said in a post on X.
https://x.com/Jairam_Ramesh/status/1898603381499068458
“Till the mid-1910s tariffs were the main source of revenue for the US Govt. In 1913, the US Constitution was amended to introduce a federal income tax for the first time. One of the most influential economists who championed and campaigned for the federal income tax was Edwin Seligman, a Professor of Public Finance at Columbia University. Edwin Seligman was also a mentor of Dr. Ambedkar when it came to economics. They shared a warm relationship long after Dr. Ambedkar graduated from Columbia,” the post read.
Jairam Ramesh on Saturday questioned Prime Minister Narendra Modi-led government over Donald Trump’s statement on India agreeing to ‘reduce’ tariffs and expressed concern over the reported deal.
Noting Commerce Minister Piyush Goyal’s visit to Washington, Ramesh asked whether the government is “compromising” the interest of Indian farmers and manufacturers.
“The Commerce Minister Piyush Goyal is in Washington DC to talk trade with the Americans. Meanwhile, President Trump says this. What has the Modi Government agreed to? Are the interests of Indian farmers and of Indian manufacturing being compromised? The PM must take Parliament into confidence when it resumes on March 10th,” Ramesh wrote on social media X.
https://x.com/Jairam_Ramesh/status/1898243555229155841
This development comes as the US prepares to introduce reciprocal tariffs on countries that impose high levies on American goods.
The reciprocal tariffs, set to take effect on April 2, will mark a significant shift in the US trade policy. Trump has emphasised that the US will no longer tolerate being taken advantage of by other nations, particularly those with high-tariff regimes, including India. (ANI)
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