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Jul 04, 2018, 17:56
Trade wars. China to reduce tariffs on Indian goods
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As we are all aware of the brewing war between US and China had been in the talks since the April 2017, On Friday, June 15, 2018, Trump released one of the biggest news that he will be importing duties on the $50 Billion worth of Chinese goods and first wave to collect the tariffs to cover $34 Billion of goods will take effect from July 6. He already stated that if China decides to retaliate then he would increase the total. In amidst, the question arises that where does India stand in this situation since China and India’s ties haven’t been good as well due to the border standoff.

 

But when it comes to trade, China is India’s largest bilateral trading partner since both the countries have the population problem wherein China imports amounted to $16.4 from India or the 0.8 percent of its overall imports and 4.2 percent of India’s overall exports last year.

 

India always have had a trade deficit with China and the gap has always increased and Indian have been on the path to reducing the gap. In a recent news, China’s Ambassador Luo Zhaohui said that Beijing will reduce or moreover cancel their import costs on a few goods from the four countries namely India, South Korea, Bangladesh and Sri Lanka.

 

The list suggested includes goods types of 8,549 but even though the government of India is waiting for an official announcement or a communication to be sure if they have actually reduced regulatory restrictions as well.

 

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