All About US-China Trade War PDF: Dear Friends, Here we have given the important details about US China Trade War. This was most important GK topic for competitive exams such as UPSC and Bank exams. Candidates can check this all about US-China Trade War News Updates and share it to all your friends.
US CHINA TRADE WAR
Trade war: A trade war is an economic conflict resulting from extreme protectionism in which states raise or create tariffs or other trade barriers against each other in response totrade barriers created by the other party. A trade war is distinct from other actions taken to control imports and exports, such as sanctions. Instead, the war has detrimental effects on the trading relationship between two countries. In that its goals are related specifically to trade.
Beginning of US-China Trade war:
China and the United States have been engaged in a trade war through increasing tariffs and other measures since 2018. China is the largest trade partner of the US in terms of goods and any trade related tension between the two economic giants might open some avenues for other countries including India. It Started in March 2018 when US president Donald Trump had slapped Heavy Tariffs on imported steel and aluminium items from China . The Dispute intensified after the US demanded that china must reduce its $375 Billion trade deficit with the US and give more access to American goods in chinese markets.
Total US tariffs applied exclusively to Chinese goods: US$250 billion
Total Chinese tariffs applied exclusively to US goods: US$110 billion
On August 2019- Trump says US will impose 10 percent tariffs on another US$300 billion of Chinese goods .
US-China Trade War Impact on India:
The United States has said in a report that, India is among few economies that stand to benefit from the trade tensions between the world’s top two economies. The impact of a trade war between the superpowers may have implications which may impact the global and the Indian economies. The shortage of supply of a good, either finished material or raw material, will increase the final consumption price for the consumer. Moreover, the burden of increased tax from the duties will also be borne by the final user.
Indian economy will be affected in the following:
- Drop in the value of Indian Money
- Indian Stock Market Drop
- Under present uncertain circumstances, Indian CEOs have a significant role to play in keeping the business environment stable. Their strategic plans could prove to be crucial, and hence, there is a need for different plans suitable to different economic environments.
- Tax will make life more difficult for the end consumers as everything that falls under the tariff scanner is expected to become more expensive.
As Chinese Goods are being taxed at a higher rate in the US , this implies that the Indian exporters can explore this opportunity to fill the gap.
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