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News
- India is the latest to join the global trade war.
Important Facts
- India impose tariffs as high as 50% on a list of 30 goods imported from the U.S.
- India’s notification to the WTO says that U.S. tariffs on steel and aluminium would cost India $241 million.
- The tariffs imposed on the U.S. is in proportion to these amount.
- India has also indicated its preference to deal with the issue through dialogue, and not “measures and counter-measures”.
- Global trade war start with the imposition of tariff by US to discourage the import of steel and aluminum into the country.
- In retaliation China and EU also impose tariff
- In total US impose tariff on $450b of Chinese goods
- China impose tariff on $50b of US goods
- EU impose tariff on $3.3b of US goods
- The threat of trade war is also visible in global trade market.
- During G-7 summit US rejected the idea of “rule based trading system”
- In last, global powers must try to end the ongoing trade war before it gets out of hand.
- The longer it goes on, the greater the cost as growth slows down under increasing burden of taxes.
