“Strong Nations Act as They Please, Says Kotak AMC’s Nilesh Shah as Donald Trump Imposes 26% Reciprocal Tariff on India”

The latest wave of retaliatory tariffs imposed by US President Donald Trump has shaken global stock markets, including India’s benchmark indices. This move brings to mind a saying by Sant Tulsidas, quoted by Nilesh Shah, Managing Director at Kotak AMC: “Samrath ko nahi dosh gosain” – meaning that the powerful can act as they wish without facing blame. Shah’s reference underscores the advantage that dominant nations like the United States have in shaping global trade policies to their benefit.

My two bits in the trump tariff saga

– President Trump is proving what Sant Tulsidas wrote centuries ago. “ Samrath ko nahi dosh gosain”

WTO is meant for weak nations. Strong nations can do what they want.

They can even calculate tariffs as a deficit with the USA divided by…

— Nilesh Shah (@NileshShah68) April 3, 2025

Expanding on his argument, Shah shared his thoughts on social media platform X, stating, “The WTO exists for weaker nations, while strong nations do as they please. They can even calculate tariffs by dividing their trade deficit with the USA by their exports to the USA—and still get away with it. Soon, we may see a case study justifying this unconventional approach.”

Organizations like the World Trade Organization (WTO) are intended to protect the interests of weaker nations, but powerful countries like the US often operate beyond their constraints.