Leading US economist Richard Wolff warns a significant global economic shift, noting BRICS surpass G7 in global output

Leading US economist Richard Wolff has warned that a significant global economic shift is underway, noting that BRICS nations have surpassed the G7 in global output, with BRICS at 35 per cent and G7 at 28 per cent of the world’s GDP. Wolff asserted that India’s refusal to stop buying Russian oil despite US pressure showed how the balance of power is shifting.
 
 
 
The economist criticised US tariffs as an ineffective strategy that could bring India and other BRICS members closer together. Wolff slammed the Trump administration’s claim that tariffs can revive US manufacturing. According to him, US tariffs run the risk of excluding American exporters from overseas markets without the creation of new domestic jobs.