Zerodha’s Nithin Kamath cautions against ‘US Empire’, says Donald Trump’s tariffs treat world citizens as ‘subjects’

Online brokerage platform Zerodha's Chief Executive Officer Nithin Kamath cautioned people against the metaphorical “US Empire”, pointing at how United States President Donald Trump has gone about imposing tariffs “like we are all subjects” to the ongoing system. 

What did Nithin Kamath say?

Nithin Kamath expressed his views on the social media platform X. He focused on how newly re-elected US President Donald Trump is making big statements on “imposing tariffs,” which allegedly makes it seem that other countries are part of the “US empire”.

“The way Donald Trump has gone about imposing tariffs and making statements about other countries makes it feel like we are all subjects of the ‘US empire,’ if it wasn't evident till now,” said the executive. 

Citing data collected from Lowy Institute, Rajah and Albayrak (2025) and the International Monetary Fund (IMF) Direction of Trade Statistics, Kamath said China is the largest trading partner for more than 120 nations worldwide.

However, he also said that the US remains the “most powerful nation” as of the current date and questioned the new Trump administration's stance on the America First policy, and whether or not it may backfire on the nation.

“In terms of trade, China today is the largest trading partner for over 120 countries. In terms of financial and military dominance, the US remains the most powerful nation, for now. The question is, will the stance of ‘America first’ backfire or not?” said Kamath. 

Kamath also put forth his take on the geopolitical dynamic of the world and questioned how a nation like the US can increase tariffs on others without collateral damage and still maintain its position as the “most powerful nation” in the world. 

“In such a globalized and interconnected world, how can you increase tariffs, which will inflict collateral damage, and still hold on to power?” said Kamath. 

Mint reported earlier quoting news agencies that US President Donald Trump, on February 2, said he implemented a 25 per cent tariff on imports from Mexico and Canada, 10 per cent on Canadian energy imports, and an additional 10 per cent tariff on China. The tariffs will be applicable from February 4, as per the report.