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India to become landfill for Chinese products amid US Beijing tariff war; GTRI
Industry News- May 17,24
These tariffs include a 100% duty on electric vehicles, a 50% duty on semiconductors, and a 25% duty each on electric vehicle batteries originating from China.
Amidst an escalating tariff dispute with the US, China is reportedly considering India as a potential destination to offload its surplus products, including electric vehicles (EVs) and batteries, according to a report.
The Global Trade Research Initiative (GTRI) cautioned that both the US and the European Union (EU) are curbing their imports of electric vehicles from China. With the US imposing increased tariffs on various items such as EVs, batteries, and cutting-edge technology goods, there is speculation that China might redirect its excess products to other markets, including India.
The report emphasised the importance for India to remain vigilant regarding Beijing's potential move. US President Joe Biden has implemented hefty tariffs on Chinese electric vehicles, batteries, steel, solar cells, and aluminium, aiming to prevent unfair trade practices that could disadvantage American workers.
These tariffs include a 100% duty on electric vehicles, a 50% duty on semiconductors, and a 25% duty each on electric vehicle batteries originating from China. Biden, addressing the nation from the Rose Garden of the White House, asserted that while Americans can still purchase any car they desire, the US will not allow China to manipulate the market for these vehicles. He stressed the importance of fair competition and highlighted America's investment in domestic production as a strategic advantage in economic competition with China.
Biden accused the Chinese government of providing substantial financial support to Chinese companies across various sectors, including steel, aluminium, semiconductors, electric vehicles, solar panels, and healthcare equipment. This has led to concerns about China's overproduction and potential dumping of goods in global markets.
“Higher duties on Chinese face masks, syringes and needles, medical gloves and natural graphite provides India opportunity, said Ajay Srivastava, Founder, GTRI. However, he noted that India might not gain any export advantage for products like EVs and semiconductors, as it primarily imports these items.
Srivastava suggested that India should develop a strategic approach to deal with China, given the efforts by the US and EU to reduce reliance on Chinese imports. As India faces stagnant exports and escalating imports from China, crafting a comprehensive strategy becomes imperative for safeguarding its economic interests.
(Source: Business Today)
China
India
tariff war
dumping
electric vehicles
batteries
Global Trade Research Initiative
GTRI
US
European Union
EU
tariffs
Joe Biden
steel
solar cells
aluminum
trade practices
competition
semiconductor
healthcare equipment
Ajay Srivastava
strategic approach
economic interests
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