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About Video - How India and China will compete with America-Trade War explained in Odia
The U.S. has been engaged in a trade war with China for the last two months. But now the trade war has gone global.
If this is a war, it’s one the United States will win. The thing to keep in mind when reading about retaliation is that the US has trade deficits with all of these countries—as well, of course, with China, which is not one of America’s leading sources of steel but whose state-subsidized steel industry is responsible for depressing prices globally.
In a move set to boost India-China trade, the government on Monday announced the slashing of import duties on as many as 3,142 items from China and 5 other nations from the Asia Pacific, days after Beijing had done the same for more than 8500 items.
The reduction in tariff by both nations are part of their commitments to liberalise trade further through the Asia Pacific Trade Agreemment (APTA) and will be in effect from July 1.
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