Zerodha CEO Nithin Kamath has raised concerns over the United States’ approach to global trade under newly re-elected President Donald Trump, warning of the metaphorical “US Empire”. In a LinkedIn post, Kamath highlighted how Trump’s stance on imposing tariffs makes it seem like other nations are merely subjects to US policies.
“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,” Kamath stated.
While acknowledging the US as the world’s most powerful nation, Kamath questioned whether the ‘America First’ policy might eventually backfire. Referencing data from the Lowy Institute, Rajah and Albayrak (2025) and the International Monetary Fund’s (IMF) Direction of Trade Statistics, Kamath said that China holds the position of the largest trading partner for over 120 countries across the globe.
“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?” Kamath wrote.
“In such a globalised and interconnected world, how can you increase tariffs, which will inflict collateral damage and still hold on to power?” he added.
