Geneva: India is among the several countries that stand to benefit from the ongoing trade tensions between the world’s top two economies— the US and China, the UN has said in its latest report. India may see a 3.5 per cent export gains.
The United Nations experts Monday said the tit-for-tat trade dispute between China and the United States may do little to protect domestic producers in either country and could have massive implications on the global economy unless it is resolved.
Of the $250 billion in Chinese exports that are subject to US tariffs, only about six per cent will be picked up by firms in the US, according to a report by the UN Conference on Trade and Development (UNCTAD).
And of the approximately $85 billion in US exports that are subject to China’s tariffs, only about five per cent of this will be taken up by Chinese firms, according to the UN research.
In a bid to meet the US’ demand of bringing down the $375 billion bilateral trade deficit, China has pledged to take measures to step-up American imports and investments. March 1, 2019 is the deadline for implementing the measures.
Unless the US and China agree to drop their tariff dispute by March 1, duty on each country’s products will rise to 25 per cent, up from the current 10 per cent level, the UN said.
Countries that are expected to benefit the most from the trade war are the EU members as exports in the bloc are likely to grow by $70 billion. Japan and Canada will see exports increase by more than $20 billion each,
it said.
The Quad Question
The Quad meeting of the Foreign Ministers of Australia, India, Japan and the United States in New Delhi 26 May...
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