The world's two largest economies, America and China, are once again standing on the brink of a trade war. The government of US President Joe Biden has prepared a plan to impose heavy tariffs on many Chinese products. After this, there is a possibility of China imposing tariffs on American products in response, as has been seen earlier also. Amidst the renewed trade tensions, a profitable situation may be created for India.
This time the US government has imposed heavy duty on Chinese products, including electric vehicles, batteries and PPE. Many medical products like kits, gloves, syringes are included. The medical products manufactured in China on which duty is being prepared include face masks, syringes and needles used in injections, medical gloves etc. Apart from these, heavy tariff has also been imposed on minerals like natural graphite.
Tariff increased on these products
Tariff has also been announced on some products. The White House on Tuesday announced an increase in tariffs on many products coming from China. Tariff on China's electric vehicles has been increased from 25 percent to 100 percent. Similarly, the tariff on solar cells was increased from 25 percent to 50 percent and on many steel and aluminum products and non-lithium ion battery parts from 7.5 percent to 25 percent. There was no tariff earlier on many products like face masks, critical minerals and ship-to-shore cranes, now there will be a tariff at the rate of 25 percent.
The old story is about to be repeated
America says that these tariffs will affect products worth about $18 billion going from China. Earlier, during the tenure of former US President Donald Trump, both the countries had been involved in a tariff war. At that time too, after the imposition of tariffs by America, China had imposed counter-tariffs on American products. This time also the same story is feared to be repeated.
India already in profit
America is currently the largest economy in the world with an economy of about 26 trillion dollars. Whereas China is at second place with about 21 trillion dollars. The collision of the world's two largest economies could have an adverse impact on global trade. However, in this adverse situation, new opportunities may arise for India. America is already trying to reduce its dependence on China, under which many American companies have shifted their manufacturing and production bases from China to other countries in recent years. Many of them have started making India their base. For example, the largest smartphone and gadget company Apple has started manufacturing of many products including its popular iPhone in India and is also selling Made in India products in the markets of other countries. Exports may increase
Analysts say that India may benefit significantly on the export front from the latest tariff war. India is already exporting medical equipment and accessories, agricultural products, rice, clothes etc. on a large scale. In the years after Covid, India has intensified the manufacturing of masks and other medical equipment. After the closure of routes for Chinese products, America's market may become more favorable for Indian products.
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