PM Modi, Xi Jinping affirm India-China role in stabilising global trade

Prime Minister Narendra Modi and Chinese President Xi Jinping, during the bilateral meeting in Tianjin, recognised the role of India and China's economies in stabilising the world trade, the Ministry of External Affairs said in a statement on Sunday.

- TBG NETWORK

The statement comes as the world is grappling with US President Donald Trump's tariffs, which the US Appeals Court has itself ruled as illegal. On April 2, President Donald Trump announced tariffs targeting around 60 countries or trade blocs with significant trade deficits with the United States, marking the largest US tariff hike in almost 100 years. He called the occasion "Liberation Day". The US imposed a 50 per cent tariff on New Delhi, including the additional 25 per cent for purchasing oil from Russia. The US had imposed a levy of 30 per cent on China but later paused it for 90 days as both nations are negotiating a trade deal; earlier, Washington and Beijing jumped into a tariff war, reaching as high as 245 per cent.