NEW DELHI, Mar 23: Expressing concern over ‘tariff skirmishes’ between large economies, the US and China, India’s G20 Sherpa Shaktikanta Das has said the issues need to be resolved through mutual engagement.
The US administration has imposed tariffs worth USD 60 billion on Chinese imports to punish the country for its “unfair” seizure of American intellectual property.
China, on the other hand, unveiled plans to impose higher tariffs on USD 3 billion worth of American goods including pork and pipes in retaliation to US tariffs on steel and aluminium imports from Beijing, authorities said.
“Tariff skirmishes between large economies are a matter of concern for global growth. These countries need to analyse whether it really benefits their domestic economy. Such trade issues need to be resolved through mutual engagement,” Das said in a tweet.
US President Donald Trump had imposed heavy tariffs on imported steel and aluminium which he said were necessary to boost the US industry suffering from “unfair” business practices, a move that has sparked fears of a global trade war
Trump had signed two proclamations that levied a 25 per cent tariff on steel and a 10 per cent tariff on aluminium imported from all countries except Canada and Mexico.
At a recent, informal mini-ministerial World Trade Organisation (WTO) meeting called by India, several WTO members expressed concern over unilateral decision of the Trump administration to raise duties and called for urgent and coordinated actions to promote global trade and strengthen the multilateral body.
WTO Director General Roberto Azevedo too had said that in recent weeks, there was a rise in tensions in trade relations around the globe and this is a real concern.
“…These measures, for whatever reasons, they have a very real potential for escalation because of the possibility of responses from other partners with trade restrictive measures as well. And I think is something we should avoid and that is what we heard today,” the WTO chief had said. (PTI)
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