Donald Trump considers India a friend, says Sajjan Jindal. He also reveals how Trump tariffs can positively affect JSW Group businesses.
Watch his conversation with Niraj Shah.
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Questions asked in this interview
5
0:59... India, so to say — not from a JSW chair, but from that chair — how do you view this impacting Indian businesses, or do you believe that it could actually help them thrive simply because it could enhance the China plus one story even more?
3:52Jindal, is there a political reason or an international reason why some of these tariffs, which seem obvious to so many people, can't be levied in the shape and form that people believe is the right way to do so?
5:17What's your best estimate, sir, about how much can China stimulate and the implications thereof for even your industries?
7:03Do you reckon, independent of what happens in China, the global demand and Indian demand would lead you to meet the targets that you set out for yourself?
So knowing Trump, it's no surprise that he's the most uncertain person. He can do anything anytime. That's his nature and his style, and that's what he drives on. That's one thing. But talking about what impact he could have on India, I'm not sure, because I don't think India has — at least my industries are not dependent on exports to the United States, and therefore I don't see much of an impact that my group will have. If there were more tariffs from the US, we don't export anything to the US, whereas we have businesses in the US which will benefit from tariffs, because the US prices will go up, and hopefully that will benefit our business in the US.
Sure, but sir, you are a large captain of India, so to say — not from a JSW chair, but from that chair — how do you view this impacting Indian businesses, or do you believe that it could actually help them thrive simply because it could enhance the China plus one story even more?
Yeah, so given the uncertainty of Trump administration's decisions, if at all it will help India in my view, because India is a friend — he considers India a friend — and he's very against China. But he could change that as well, you never know him. But whatever I know of him, he's not very friendly with China, and today China is selling all the products into the US. Any restriction that he will bring on Chinese goods will help China plus one, or one minus China.
Got it. And speaking of China, I also want to come to this whole concept of globalized organizations, WTO, etc. I believe you have some thoughts there. But before that, just a view on what China is doing, can do, and cannot do, and the impact on various industries, including the commodity industry, because it has far-reaching implications on what commodity prices do. What are your thoughts, Mr. Jindal, on that?
So let's understand China. China has got a huge capacity built up in their country over the last 20, 25, 30 years. China has become the factory of the world on the commodity side also. They produce over 50% of steel, over 50% of zinc, over 50% of copper — you name it, they have over 50% of the world capacity. Now China is obviously slowing down and they are not consuming all that they're producing. So they are trying to capture other markets in the world and trying to export those surpluses. And when they want to export, they do it at marginal cost or below marginal cost. Therefore, countries like India which have to build new capacity are not able to compete, and the industry in India will not make money. They will not be able to invest to rebuild or build more capacity, and we will then perpetually depend on Chinese imports. So that's what our government doesn't want, and neither does the domestic industry want it. Therefore we have to have some protection from China and the products which get circumvented — Chinese products come through other countries into India — so the government has to be smart and protect.
I'm sure you have the government's ears. So in some sense, Mr. Jindal, is there a political reason or an international reason why some of these tariffs, which seem obvious to so many people, can't be levied in the shape and form that people believe is the right way to do so?
7 more exchanges in this transcript
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