'China seems to have him cornered': Capitalmind CEO says India should wait out Trump's tariff threats
India should "wait it out" and in the meantime, "slowly get less dependent on the giants that the US produces," says Shenoy
- Aug 4, 2025,
- Updated Aug 4, 2025 10:05 PM IST
After US President Donald Trump signalled a steep tariff escalation against Indian exports, CapitalMind CEO Deepak Shenoy on Monday said the move wasn't about Russia, but about pressure. "Oh it's not because there is a Russia connection-we've had that for ages, and Europe and China both buy from Russia and sell things onwards,” Shenoy wrote in a post reacting to Trump’s renewed threats against India.
"Trump is poking to see what level of tariff will, if it ever will, make India respond. It's a game, but he's not the only one playing. China seems to have him cornered, so he's looking at everyone else now," Shenoy wrote, adding, "This is going to develop, and possibly get to clinically insane levels. There is just no point even talking business until you find out the level of insanity this is going to go until."
In his view, India should "wait it out" and in the meantime, "slowly get less dependent on the giants that the US produces."
Shenoy's post came after Trump escalated trade rhetoric against India. In a Truth Social post, Trump accused India of profiting off the war in Ukraine by reselling Russian oil. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," he said. "They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA."
On July 30, Trump issued an executive order imposing 25% tariffs on Indian goods starting August 1. The deadline has since been deferred to August 7, pending review. Trump also added that "India is our friend” but claimed that "we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the world."
He further attacked India's ties with Moscow, stating: "They have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of energy, along with China, at a time when everyone wants Russia to stop the killing in Ukraine — All things not good!"
Trump had earlier remarked that India and Russia "can take their dead economies down together" - a statement that drew sharp rebuttal from India's Commerce Minister Piyush Goyal, who told Parliament that India remains the world’s fastest-growing major economy.
After US President Donald Trump signalled a steep tariff escalation against Indian exports, CapitalMind CEO Deepak Shenoy on Monday said the move wasn't about Russia, but about pressure. "Oh it's not because there is a Russia connection-we've had that for ages, and Europe and China both buy from Russia and sell things onwards,” Shenoy wrote in a post reacting to Trump’s renewed threats against India.
"Trump is poking to see what level of tariff will, if it ever will, make India respond. It's a game, but he's not the only one playing. China seems to have him cornered, so he's looking at everyone else now," Shenoy wrote, adding, "This is going to develop, and possibly get to clinically insane levels. There is just no point even talking business until you find out the level of insanity this is going to go until."
In his view, India should "wait it out" and in the meantime, "slowly get less dependent on the giants that the US produces."
Shenoy's post came after Trump escalated trade rhetoric against India. In a Truth Social post, Trump accused India of profiting off the war in Ukraine by reselling Russian oil. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," he said. "They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA."
On July 30, Trump issued an executive order imposing 25% tariffs on Indian goods starting August 1. The deadline has since been deferred to August 7, pending review. Trump also added that "India is our friend” but claimed that "we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the world."
He further attacked India's ties with Moscow, stating: "They have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of energy, along with China, at a time when everyone wants Russia to stop the killing in Ukraine — All things not good!"
Trump had earlier remarked that India and Russia "can take their dead economies down together" - a statement that drew sharp rebuttal from India's Commerce Minister Piyush Goyal, who told Parliament that India remains the world’s fastest-growing major economy.