‘Trump has blown lid off illusion’: Rahul Gandhi on tariff turmoil

As the global stock markets tanked over Donald Trump's reciprocal tariffs, Congress leader Rahul Gandhi on Monday remarked that the US president has blown the lid off the illusion and India has to build a resilient and production-based economy.

 

"Trump has blown the lid off the illusion. Reality is biting back. PM Modi is nowhere to be seen," Gandhi said in a post on X.

 

“India has to accept reality. We have no choice but to build a resilient, production-based economy that works for all Indians,” he added.

 

The benchmark Sensex and Nifty plunged 3 per cent on Monday, tracking huge losses across global markets as investors continued to dump equities.

 

The BSE Sensex closed 2,227 points or 3 per cent lower at 73,137.90 points and the 50-share NSE Nifty declined 743 points or 3.2 per cent to end the session at 22,161.60 level.

 

The Congress leader, while addressing an event in Patna earlier in the day, said Trump has led to a tumble in stock markets.

 

“Less than 1 per cent of the people here have their money invested in the stock market, which means the stock market is not a field for you. Unlimited money is made in it, but you don't get the benefit of it," he said.

 

Almost all global markets suffered massive losses on Monday. Hong Kong's Hang Seng index (13%), Tokyo's Nikkei (8%), Shanghai SSE Composite index (7%) and South Korea's Kospi (5%) were among the Asian markets that witnessed a steep fall.

 

Meanwhile, Trump on Sunday remained defiant on his move and said he would not backing down on new tariffs which, he said, were necessary to rebalance the global trade and rebuild domestic manufacturing. 

 

India