External Affairs Minister S Jaishankar on Wednesday acknowledged that tariffs and sanctions have become a reality in the present global world order and various countries use them to protect their own economic interests.
“Tariffs, sanctions, I think, whether we would like it or not they are a reality, countries use them. In fact, if one looks at the last decade, I would say we have seen a much greater weaponization of pretty much any kind of capability or any kind of economic activity. It could be financial flows, it could be energy supplies, it could be technology,” he said at the Raisina Dialogue in response to a question.
“This is a reality of the world. You fight for your business, because you are fighting for your employment, you are fighting for your comprehensive national power, of which business makes a very important contribution,” Mr Jaishankar said.
Talking about the developing international relations across the globe, he said, “I think today, the lines dividing different domains have eroded. If you see in international relations, I think it’s a less restrained culture today than it was a decade ago.”
Mr Jaishankar’s remarks come just days before the Donald Trump-led US administration proposes to levy reciprocal tariffs on April 2, which will likely impact several countries, including India.