Trade war between India and US heightens; India announces trade tariffs against the US

Trade war between India and US heightens; India announces trade tariffs against the US

Written by Staff Writer

16 Jun, 2019 | 8:35 pm

COLOMBO (News 1st): At present, many powerful nations are exerting pressure on many Asian countries, taking into consideration, their geopolitical importance and their strategic location.

The trade war between India and the United States of America is the latest example. India announced retaliatory trade tariffs against the US after Washington withdrew India’s preferential trade status. The move is the latest push by the Trump administration to redress what it considers to be unfair trading relationships with other countries.

It has been estimated that the Indian economy will be affected by about USD 5.5 billion. Tensions have since been rising between the two countries. Last year, India retaliated against US tariff hikes on Aluminium and Steel by raising its own import duties on a range of goods.

International media has pointed out that this issue occurring between USA and India goes beyond economics and goes into the military affairs and national security concerns as well. President Trump has also threatened to impose sanctions if India purchases oil from Iran and if it goes ahead with plans to buy the Russian S-400 anti-aircraft missiles.

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