It started with the first shot in the trade war fired by the US President Donald Trump. It was not unexpected, as he fought his presidential election campaign promising action against “unfair trade practices” and “manipulative exchange rate” polices of China and vowed to protect American jobs.
President Trump has fulfilled his electoral promise. Though he softened his stand against imports of steel on allies, which included Canada and Australia, he did not stop with steel imports from China. He pursued the trade war with another round of tariffs. On March 22, he hit China with tariffs on $60 billion of imports. This time, it was to retaliate against the “theft” of American intellectual property.
China responded promptly. Next day, it released a list of potential tariffs on $3 billion worth of American goods, from pork to fruits and wine. A 25% would be imposed on a second category of goods totaling nearly $2 billion, including aluminium scrap.
If the list extends to include soybeans, the American farmers would be hit very hard. The loss will be around $ 14 billion. One-third of American exports of soybean go to China. Certainly, the farmers in the soybean growing states of the US, which elected President Trump, would not forgive him.
So the trade war has begun.
Will India be affected?
This story is from the April 1 -15, 2018 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 1 -15, 2018 edition of BUSINESS ECONOMICS.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Morarji Desai: Walking the Yogic Path of Truth and Service
What is Yoga? In very short, from the basic viewpoint of Patanjali (the proponent of Yoga, a major branch of Indian philosophy and the author of the Yogashastra Yogasutra), Yoga is the process of merging oneself into the One Indivisible Whole through concentration of mind.
The automobile industry has rebounded to the levels observed in 2018-19, and the future of electric vehicles (EVS) appears promising
RC Bhargava, Chairman of Maruti Suzuki Ltd, recently shared insights on the automobile sector, noting that historically, its performance aligned with the country's GDP.
Dueling German Luxury: BMW and Mercedes-Benz Vie for Dominance in Indian Market
BMW and Mercedes-Benz, revered names in the realm of car enthusiasts. While the debate over which stands as the epitome of driving excellence persists, recent sales figures unveil an intriguing narrative, particularly in the dynamic Indian market.
INDIAN AUTO INDUSTRY GEARS UP FOR GREEN TRANSITION
As India enters into 2024, the automotive sector stands ready to script a remarkable growth narrative. Backed by a buoyant demand in the passenger vehicle segment despite continuing rises in commodity prices, automobile makers are optimistic to embrace new technologies, especially in the electric mobility space which is expected to witness a number of new launches in both four and two-wheeler segments in the coming year.
Is Ayodhya emerging as a global destination brand?
Traditionally, sacred spaces and modern urban landscapes have been perceived as incompatible, akin to oil and water.
Canara Banks reports 26.86% YoY growth in net profit, global business up by 9.87% YoY
Canara Bank's Net gained by 26.86% YoY in Q3 Cantareata Profit FY24.
A Tale of Two Economic Crises
The global financial crisis that unfolded between 2007 and 2009 did not only impact the financial sector but also extended its reach to banks worldwide.
"Prospects and Challenges: A Comprehensive Review of the Indian Economy"
The Ministry of Finance of the Government of India recently released a document titled 'The Indian Economy A Review' on January 29, representing a distinct departure from the traditional Economic Survey presented before the Annual Budget proposal.
IMF's Advice and RBI's Rebuttal
International Monetary Fund (IMF), under its Article IV of the Articles of Agreement, signed in 1944 by the original 29 member countries as well more by later, (now grown to 190) sends its staff, to its member countries for a threeweek visit annually for major economies, which contribute a sizeable proportion of world's GDP, and once in every two years for small economies.
Advanced economies losing steam
globally, advanced economies are facing a significant taking a toll on economic activities worldwide, as noted by the Organization for Economic Cooperation and Development (OECD).
