OPINION | Trump’s tariff: challenge or opportunity?-OxBig News Network

The US stock market crashed on Thursday after President Donald Trump’s sweeping trade tariffs raised fears of an all-out trade war across the world and a looming global economic recession. The Wall Street benchmark indices ended with the largest single-day percentage losses since 2020. The Dow Jones Industrial Average crashed 1,679 points, or 3.98 per cent, while S&P 500 fell by 275 points or 4.84 per cent. The Nasdaq Composite fell by 1050 points, or 5.97 per cent lower. The Chinese commerce ministry demanded that the US must withdraw 34  per cent additional tariff and threatened to initiate countermeasures. After Trump imposed a 26 per cent tariff on India, the Commerce Ministry, in a guarded statement, said it is in close touch with industry and exporters, and it is assessing the situation while taking feedback from stakeholders. Indian goods imported by the US will now become costlier. This could result in lesser demand from the US and lesser exports to America. But the positive sign is that a huge tariff has been slapped by Trump on countries that are our competitors in export. This could result in a rise in the export of Indian textiles and electronic goods because high tariffs on China, Thailand, and Bangladesh could give an advantage to India in trade with the US. Machinery, toys, and automobiles are areas where India may increase its production and export to the US. India has got a good opportunity, but to achieve that, India will have to concentrate more on ‘ease of doing business’ and strengthen its logistics and infrastructure. Trump’s tariff can have a negative effect on our textile, diamond, automobile, and steel sectors, but he has spared India’s pharmaceutical, semiconductor, copper, and some energy sectors like oil, LNG and coal.

Waqf Bill : Now it’s a law for all 

Parliament has put its seal of approval on the Waqf Amendment Bill, with Rajya Sabha, in a late-night sitting, passing the Bill with 128 votes in favour and 95 votes against. The Bill will become law after the President’s assent. Meanwhile, Congress, other opposition parties, and Islamic clerics have threatened to challenge the law in court. There was tight security in several cities across states in view of Friday prayers. Prime Minister Narendra Modi, in his tweet, described the passage of the Bill as “a historic moment” and hoped that this would bring transparency and accountability in the management of Waqf properties. The biggest challenge in getting the Bill passed was on the issue of getting support from BJP’s allies, Janata Dal(U) and Telugu Desam Party. Both these parties were shown the bogey of losing crucial support of Muslim votes. But both Chandrababu Naidu and Nitish Kumar understood the mood of the nation and extended support to the Bill. One consequence of this will be that no opposition leader will now question the stability of the Modi government. The passage of this Bill will also have consequences on elections in Bihar and West Bengal. For Mamata Banerjee, Muslim support is essential. She has promised Muslims that the day would come when this Bill would be repealed. This could be her line of thought, and there should be no problems if Islamic clerics stage protests on the streets. The problem is, when some people say that even after Parliament passes the bill and if the Supreme Court upholds its validity, they would not accept this law. Those who oppose rule of law, Parliament, and Constitution deserve to be punished.

SC verdict  : A big setback for Mamata 

In a major setback for Mamata Banerjee’s government, the Supreme Court has concurred with the Calcutta High Court’s decision to cancel the recruitment of over 25,700 teachers and non-teaching staff, done in 2016. While dismissing the appeals of the West Bengal government and the West Bengal School Service Commission and 125 successful candidates, the bench of Chief Justice Sanjiv Khanna and Justice Sanjay Kumar said the entire selection process “has been vitiated and tainted beyond resolution”. The apex court said, “manipulations and frauds on a large scale, coupled with attempted cover-up, have dented the process.” Reacting to the verdict, Mamata Banerjee said she does not agree with the apex court’s ruling and if more than 25,000 teachers are removed from their jobs, it would adversely affect the education system. “Who will then take the responsibility?” she asked. Mamata Banerjee said, ” those who indulged in the scam are in jail, but it is not correct to punish all because of the crime of a single person.” I am surprised to find Mamata Banerjee refusing the accept the Supreme Court verdict. This is not the first time that the apex court has cancelled appointments by a state government. The apex court has clearly said there was large-scale cheating and fraud in the selection process. What will happen to those who were selected through this dishonest process? They will lose their jobs. Similar things have happened in the past. Frauds take place due to political connivance. But ultimately the losers are those poor people who lose their jobs. This should stop.

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