- NEW DELHI — India has stepped up vigil to prevent the dumping of cheap Chinese
imports in the country after the steep US tariff hike on the goods exported by
the Communist country.
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- Commerce Secretary Sunil Barthwal is reported to have
held a number of meetings to take stock of the situation. Government officials
are also in touch with industry to get a wider view of the ground reality and
formulate a strategy to protect the Indian economy.
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- The Commerce Ministry has already been keeping a close
watch on goods such as steel from China which was hurting industry after the
earlier round of tariff hike by the US. Now the vigil has been widened to other
goods as well, a senior official confirmed.
Also read: China slaps additional 34 pc tariffs on all US imports starting April 10
- While the US has hiked tariffs for all countries, China
is the worst hit as the additional tariff of 34 per cent announced by President
Donald Trump has ramped up the total duty to 54 per cent.
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- China has retaliated against the US tariff hike by
increasing duties on all American goods by 34 per cent and placing export curbs
on essential rare earth metals required for the vital electronics and defence
industries.
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- China has also imposed restrictions on several US
companies, especially those in defence-related industries, in a tit-for-tat
move.
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- India’s exports to the US constitute only 4 per cent of
its GDP, so the direct impact of the 27 per cent hike in tariffs on Indian
goods announced by President Trump will have only a "limited" impact,
according to an SBI Research report..
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- The tariffs levied on India are the lowest among its
Asian peers, compared to 34 per cent on China, 36 per cent on Thailand, 32 per
cent on Indonesia, and 46 per cent on Vietnam. This is expected to give India a
comparative advantage over these countries and result in an increase in exports
in some sectors over the long term, the report states.
