Unless something changes, Mr Trump is a huge threat right now, which is perhaps not being recognised fully, cautions Debashis Basu.
Businesses are testing new markets, tapping into domestic demand, and pushing the government for relief.
'No respite from economic pain is worth the loss of dignity and self-respect,' asserts former foreign secretary Shyam Saran.
India on Monday imposed a 12 per cent provisional safeguard duty for 200 days on five steel product categories, including hot rolled coils, sheets and plates, to protect domestic players from surge in imports. The decision follows a recommendation for the same by the Commerce Ministry's investigation arm DGTR. Last month, the DGTR suggested to impose the duty.
India and the US have settled the last trade dispute at the World Trade Organization (WTO) over poultry products, according to a joint statement released on Friday. With this, the two countries have mutually resolved all the seven pending trade disputes at the WTO. "The leaders lauded the settlement of the seventh and last outstanding WTO dispute between India and the United States.
The growth in world trade is expected to slow down to one per cent in 2023, due to global uncertainties, according to a WTO forecast. The World Trade Organization (WTO) has also projected a growth of 3.5 per cent in global trade this year, as against the April estimate of 3 per cent. World trade is expected to lose momentum in the second half of 2022 and remain subdued in 2023, as multiple shocks weigh on the global economy, the multi-lateral body has said in a statement.
India maintains "high" import duties on a wide range of American goods such as agricultural items, drug formulations, and alcoholic beverages, besides imposing non-tariif barriers, a US report has said. A day before announcing reciprocal tariffs, the US Trade Representative (USTR) released the 2025 National Trade Estimate (NTE) Report on March 31.
In a statement, the Chinese ministry of commerce said that it would file a lawsuit with the World Trade Organisation against the US for its "wrongful practice," the Global Times reported.
'We may see even more restrictive policies during 2.0.'
'The answer is not for me to give. The answer either way has to be heard from the industry itself. Tell us why not if you are not doing it; tell us if you are doing it -- why should this question remain unanswered?'
The water crisis could jeopardise more than half of the world's food production and cause an average global GDP loss of 8 per cent by 2050, with lower-income countries facing up to a 15 per cent loss, according to a new report.
The USTR report, released just ahead of the US' April 2 deadline for implementing reciprocal tariffs, has also cited high tariffs and price caps, which have not increased in line with inflation, as key obstacles for US businesses.
If the only superpower, which calls India an ally, sees the region through an India-Pakistan prism, it is unacceptable. Rather than endorse India's sphere of influence, this undermines it, asserts Shekhar Gupta.
The US has expressed concern over India's lack of transparency in its trade policy, as a result of which small and medium-sized enterprises have difficulties in investing and doing business in the country.
The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.
Developed economies like the US and EU are contemplating certain rules in relation to trade and environment which will have a significant implication for their border trade measures such as carbon taxation system for imports.
India's tough diplomacy blocked a landmark world trade treaty late on Thursday, despite last-ditch talks to rescue what would have been the first global trade reform since the creation of the World Trade Organization 19 years ago.
Trade talks resumed at the World Trade Organization headquarters at Geneva on Monday, 10 days after 30 ministers broke the impasse on Doha negotiations, aimed at reaching a global pact for opening $32 trillion international commerce.
Political rhetoric ahead of Presidential elections in US is denting trade ties.
Specific difficulties and last-minute backtracking now can only be overcome by trade ministers at a biennial meeting on Dec 3-6.
We must bring a laser focus on our own interests, and define our friends and foes more clearly instead of trying to live by somebody else's rules. We must grow up, think for ourselves, think India First, asserts R Jagannathan.
Apple's ambitious strategy to expand iPhone exports, shift more production from China to India at a faster pace, and grow its domestic market hits a Trump-sized roadblock.
The initiative for the consultations among the select ministers was taken by Australian Trade Minister Simon Crean.
Trade ministers of key WTO member countries, including India would meet on the sidelines of the Organisation for Economic Cooperation and Development meeting in Paris in the last week of May.
'While criticising India's high tariffs, Mr Trump stated he would impose reciprocal taxes on Indian products if re-elected.' 'However, since India's tariffs follow WTO rules, Mr Trump's actions would violate these rules,' Ajay Srivastava points out.
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'We don't have to go abroad for anything.' 'Anyone who thinks we have a lot to learn from the US needs to have his head examined.' 'We are in a new era.'
Trade ministers of four key World Trade Organization members -- India, Brazil, the US and EU -- will make another attempt in Brussels later this week to bridge the gaps on the contentious issues of farm subsidies and market access.
After the government's online monitoring system for the import of electronic hardware items went live on November 1, inbound shipments of laptops and tablets slipped in November to a nine-month low at $225 million, contracting 17.15 per cent year-on-year. This decline was primarily driven by reduced imports from Singapore (down 43.7 per cent), Hong Kong (down 27.4 per cent), and China (down 14 per cent), according to the data released by the commerce department. China accounts for approximately 83 per cent of such imports.
China threatens to bring its opposition to India's toy import ban to the WTO, while India seems poised to restrict other Chinese products
'The startup ecosystem, the government, and the owners of large pools of Indian capital need to actively support the creation of these local champions, not pull down the teams that are trying hard to get there.'
Negotiations for a trade deal between India and the UK have run into fresh controversy, after the proposals under a leaked chapter of the deal on intellectual property (IP) are believed to put access to affordable, lifesaving generic medicines from India at risk. According to the draft IP chapter put out by an international trade portal bilaterals.org, the UK is seeking continuous extension of patent period and rights through small tweaks in the drug, known as evergreening. This may prevent patents from expiring, impacting cheaper drug availability and its production by Indian generic drug manufacturers.
The United States argued that it had not had an outbreak of high pathogenic avian flu since 2004, while India had 90 such outbreaks between 2004 and 2014
On Monday, media giant Thomson Reuters said 'it has appointed Pascal Lamy, director general of the World Trade Organization, to join its board of directors.' Lamy, who has started his second term at WTO that will last till 2013, will act as a trustee of the Thomson Reuters Trust Principles, which govern the way the company carries out business in an ethical manner.
According to the final draft of the negotiating texts, seen by Business Standard, there are a few binding commitments in the chapter on TFA, under Article 13, which talks of Customs cooperation.
2016 will be the first time in 15 years that the ratio between trade growth and world GDP will fall below 1:1
Even as World Trade Organization director general Pascal Lamy has claimed that a successful Doha Round will lead to rich nations undertaking steeper tariff cuts than developing and poor nations, an analysis of the proposals shows the opposite may be true.
World Trade Organization Chief Pascal Lamy wants to have second term in office. He has now decided to throw his hat in the race in which he will be the first candidate to file papers.
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