
Would be 1929 all over again: Trump says striking down tariffs would spark another ‘Great Depression'
Donald Trump cautioned that overturning his reciprocal tariffs could trigger an economic catastrophe akin to the 1929 Great Depression. He asserted his trade policies are driving unprecedented wealth creation and revenue influx into the U.S. Trump warned that an adverse court ruling would disrupt this prosperity, leading to irreparable financial devastation.
TOI.in

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Time of India
30 minutes ago
- Time of India
India won't bow down to anybody, says Piyush Goyal
NEW DELHI: Asserting that "India will not bow down to anybody", commerce and industry minister Piyush Goyal said on Friday that countries will restructure their trade routes and partners. "The world keeps evolving, international trade keeps finding new pathways. What we are seeing today is possibly a churn that is bound to happen every few years - new countries come up, some go down. This is India's time," he said at a Business Today event. The minister said India's exports during the current fiscal year will be higher than last year. In 2024-25, India's exports reached a record $825 billion, with goods shipments valued at over $437 billion, around the same level as the previous year. Asked about the impact of Trump tariffs, he retorted by saying that India finds opportunities in crisis. "The nation's morale is high... There is a lot of strength in the Indian economy... India will emerge as the winner," he said. Trump's tariffs have induced uncertainty, especially with Indian exports to the US going to attract 50% duty from Aug 27. The minister was, however, confident of the Indian economy doing well and hit out at the American president's comments of India being a "dead economy. "Samajhne wale samajh gaye, jo na samjhe who anari hain (those who are wise have understood, but the naive haven't). It's so sad, the whole world is looking up to India, whole world recognises us as the fastest growing large economy... Today, the world recognises the strength of India, recognises our demographic advantage, recognises what 1.4 billion aspirational Indians bring to the table as demand. India is a huge market: Why do you think India is queuing up to trade or have better market access?" he said.


India Today
41 minutes ago
- India Today
How should India tackle Trump's tariffs? Top focus on Rajdeep Sardesai's show
The top focus of this episode of News Today is the trade tensions between the United States and India, following Donald Trump's 50 per cent tariffs on Indian goods for buying Russian oil. Congress leader Shashi Tharoor addresses Trump's comments, including calling India a "dead economy," and discusses potential reciprocal tariffs if the US imposes 50% tariffs on August 27th, highlighting US trade with Russia. The broadcast also details Prime Minister Narendra Modi's phone call with Russian President Vladimir Putin, reaffirming their strategic partnership amidst US pressure regarding India's Russian oil imports. Commerce Minister Piyush Goyal provides an update on India's export growth and talks with new markets. Also on the show, Dr. Montek Singh Ahluwalia discusses India's economic strategy and the challenge of moving from a 6.5% to an 8.5% growth rate.

Time of India
an hour ago
- Time of India
Trump's Troops To Storm U.S. Backyard? War Clouds Loom Over Mexico Cartels; Sheinbaum Says…
/ Aug 09, 2025, 02:46AM IST Mexican President Claudia Sheinbaum has rejected the idea of a U.S. military invasion, following reports that former President Donald Trump issued a secret directive authorising the Pentagon to target drug cartels in Latin America—some labeled as terrorist organisations. Sheinbaum insisted at a press conference that 'there will be no invasion of Mexico,' affirming that while Mexico cooperates with the U.S., its sovereignty remains inviolable.