NextFin news, Singapore, this Friday – Senior Congress leader Shashi Tharoor said on Friday that US President Donald Trump's tariffs on Indian goods have negatively impacted Indian businesses, resulting in significant job losses. Speaking at a conference organized by CREDAI, India's apex real estate industry body, Tharoor highlighted that the US has imposed a 50 percent tariff on Indian exports, including a 25 percent penalty for India's purchase of Russian oil.
Tharoor said that 135,000 jobs have been lost in the gems and jewellery sector in Surat, with additional potential job losses in the seafood and manufacturing industries. He described Trump as a "mercurial" and "unusual" president whose policies and behavior have disrupted traditional diplomatic norms.
He criticized the additional 25 percent tariff as a sanction rather than a tariff, imposed unfairly on India for buying Russian oil, while noting that China continues to import more oil and gas from Russia without similar penalties. Tharoor called for a uniform US policy on countries purchasing Russian oil, describing the current sanction policy as "bizarre and unsustainable."
Tharoor emphasized the need for India to diversify its export markets and political communications, citing ongoing trade negotiations with the US and a recent trade agreement with the UK as steps toward mitigating the impact of tariffs. He also mentioned India's efforts to improve relations with China and Russia, with the Indian Prime Minister recently visiting China and the Russian President expected to visit India later this year.
Addressing the real estate sector, Tharoor noted its role in India's economic growth amid urbanization and population growth, highlighting the sector's importance in housing and lifestyle changes.
The remarks were made during the CREDAI-NATCON conference in Singapore, attended by over 1,000 delegates including real estate developers and consultants.
Source: PTI, reported by Manvendra Jha from Singapore, published on Friday, September 12, 2025.
Explore more exclusive insights at nextfin.ai.
