Bhubaneswar: US president Donald Trump made a tormenting declaration for the long allies countries such as China, Canada and Mexico by imposing a 25 percent tariff other than 19 percent duty on imports from these countries. This move immediately opened gates for trade wars between these countries and America as these neighboring countries hit back by threatening America with tariffs. Along with Canada and Mexico, China also has warned to take stern actions against this.
This tariff war between the major western economies is going to affect global growth. India would be dwindling in the situation of major threat of tariff hike. So in the current annual budget presented on 8 February, India has cut off the import duty on American bikes and cars. India is getting prepared for the future scenario that could be arising and hitting it’s economy through this halt of tariff wars by showing wiser ideas to dodge the expectation.
Indian business and exports have escaped the tariff increase by Donald Trump as it has already attacked the business of other countries like China, Canada, Mexico. India is ready to face the actions relating to tariffing the US government particularly on the Indian exports to their country. Donald Trump has called India the tariff king officially. Whether India needs to be worried about the future actions taken by the US presidential with regard to the tariff hike.
India’ s economy is an aspiring and rapidly growing country. We are targeting to become a manufacturing hub particularly when we have immense strength in our services sector. The indigenous capability of India in terms of software, artificial intelligence and strength based research that are going on. The strength of our country has to be kept in mind as much as it has come to removing the challenges for our own sake. High tariffs for some particular sectors for instance the critical mineral sectors, MSME, products which are not available in India are not going to help those. The products which are not produced in India have to be imported. The factor of high tariff cannot be an impediment to stop the necessary items being imported and stopping the other countries particularly the US entering India for business. There has been a balance where the internet of India as regards to its production, manufacturing , capabilities of MSMEs have to be taken into consideration.
-OdishaAge
