US-China trade war, in the first half of 2019, has benefitted India of $755 million in exports as China’s share of exports to the US is dissipating between European Union, Mexico, Canada, Korea, India, and others. The UN trade and investment body had concerns regarding the global economy on account of such lose-lose trade wars.
Crux of the Matter
China’s Exports to the USA worth $35 bn, 25% of total exports, has been hit due to US-China Trade War. Communication Equipment and Office Machinery exports fared the worst, fell by 55%, among reduced Chinese exports.
Of the total export loss of China, around $21 bn worth exports have been routed to other countries, whereas of $14 bn some has been soaked by US manufacturers and some lost.
In exports to the US, India gained $243 mn in Chemicals, $181 mn in Metals and Ore, $83 mn in Electricity Machinery, $68 mn in Misc. Machinery, and in Textiles, Office Machinery, Precision Instruments, Agri-Food, Transport Equipment as well.
“We hope a potential trade agreement between the US and China can de-escalate trade tensions. …it [trade war] also compromises the stability of the global economy and future growth” said UNCTAD.
Curiopedia
The China–United States trade war is an ongoing economic conflict between the world’s two largest national economies, China and the United States. Analysis conducted by the Peterson Institute for International Economics found that China imposed uniform tariffs averaging 8% on all its importers in January 2018, before the trade war began. The analysis also found that average American tariffs on Chinese goods increased from 3.1% in 2017 to 24.3% by August 2019. Read More
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