Vladimir Putin on Tariffs/Trade Policy
Vladimir Putin consistently criticizes the unilateral imposition of tariffs and protectionist trade measures by Western nations, particularly the United States, arguing that such actions undermine the rules of global trade and international law. He frames these policies as modern forms of coercion, asserting that major economies like India and China should not be subjected to such pressure, proclaiming the colonial era is over.
Putin often contends that punitive tariffs and sanctions, especially when tied to geopolitical events like the situation in Ukraine, are being used as pretexts to suppress competitors or force concessions. He warns that such confrontational policies risk a global economic crisis, potentially leading to higher energy prices and slowing the US economy by forcing the Federal Reserve to maintain high interest rates.
Concurrently, Putin has urged Russian economic officials to look for opportunities arising from global trade turbulence, including trade wars, to strengthen domestic production and exports. This stance suggests a dual policy of condemning external trade barriers while seeking to exploit resulting market shifts for national economic benefit.
Context
Vladimir Putin's stance on tariffs and trade policy is deeply intertwined with Russia's broader geopolitical and economic strategy, especially concerning Western sanctions. Since sanctions were imposed over the conflict in Ukraine, Russia's trade with the US and EU has sharply declined, making external trade relations highly sensitive.
His statements often link protectionist measures by the US to attempts to undermine the sovereignty and leadership of nations like China and India. Putin frames the defense of these partners against US trade pressure as a defense of a multipolar world order against perceived Western unilateralism.
Timeline
- Vladimir Putin stated that some countries were using sanctions as part of their trade policy and complained about the global rise in protectionism.
- He warned that confrontational trade policy and protectionism by the United States could lead the world towards an unprecedented economic crisis.
- Russia, through a spokeswoman, stated that sweeping US tariffs demonstrated Washington's disregard for international trade norms and the WTO rules.
- Putin urged for a respectful global trade dialogue and criticized the use of punitive tariffs, specifically mentioning challenges faced by India.
- He warned that increased BRICS tariffs against the West would backfire on the US economy by raising energy prices and prolonging high interest rates.
Actions Taken
- Bilateral Trade AdjustmentDirected the government to develop measures to address the trade imbalance with India by increasing Russian imports of Indian agricultural goods and medicines.
Key Quotes
You cannot talk to India or China in that way. The colonial era is now over. They have to realise they can't use these terms when speaking with partners.
Any shock to the world economy, threatening a slowdown in growth and general decline in consumption, has a negative outlook on lots of global processes.
It is necessary not only to monitor these factors and predict their changes but also to use the emerging opportunities to develop domestic production, trade relations and exports to strengthen the national economy as a whole.
Sources7
Putin Urges Respectful Global Trade Dialogue, Criticizes US Tariff Policies
* This is not an exhaustive list of sources.