Economy and Finance

Speaking against US trade war, China seeks deeper trade ties with India

In a major development on Wednesday, Chinese embassy emphasized the need to deepen the ties with India, to counter ‘trade protectionism’ adopted by the US against China.

In July, US had imposed tariffs on $34 billion imports of China, followed by $200 billion in September. The step was taken by the US, in order to curb the ‘huge trade deficit’ by China. China had retailed with an equal proportion of tariffs, from its side.

‘Practicing unilateral trade protectionism in the name of national security and fair trade will not only affect China’s economic development but also undermine the external environment of India’ counsellor Ji Rong was quoted in media reports.

Counselor Ji Rong also said the US should not interfere in internal matters of developing countries like as China and India under the pretext of human rights and religious matters.

China also categorically defended itself on charges levied on them, about the aggressive militarisation of the South China Sea and about enforcing debts on smaller countries, and termed them as ‘distortion of facts.’

Ji Rong also mentioned Prime Minister Modi and President Xi Jinping’s vow against trade protectionism while publishing the Qingdao Declaration and at the 10th BRICS summit this year.

This comes in the wake of possible sanctions against India, by the US for signing S-400 deal with Russia. CAATSA or Countering America’s Adversaries Through Sanctions Act, is a federal law in the US which let’s government impose sanctions against any country trading or engaging with Iran, North Korea or Russia.

The US has in past has warned  India about oil trades with Iran. Trump upon the question on India’s recent deals with Russia said that ‘India will soon find out.’

President Trump had also labelled India as ‘tariff king’, describing allegations against India of imposing high tariffs on US goods recently.

India has so far not responded either to China’s statement or replied to allegations from the USA.

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