Trump with Modi
International News: The trade policies of former US President Donald Trump created a huge upheaval in the global trade system. His policy of increasing the import duty, or not only gave rise to trade war between China and the United States, as well as emerging countries like India to consider their strategy afresh. This time for India was full of challenges, but also with possibilities.
Trump had made it clear at the beginning of his term that he wanted to reduce America's trade deficit. He believed that America's factories are closing due to cheap foreign goods and jobs are going abroad. He adopted a policy of imposing heavy tariffs on imports from other countries as a solution.
Under this policy, China was first targeted, but gradually the Trump administration also increased tariffs on allied countries like Canada, Mexico, India and Europe. In some cases this rate was 10%, while some also reached 50%.
Trump's policy had the biggest impact on the trade relations between the US and China. China also imposed counter -tariffs, which led to a 'trade war' between the two countries. Its impact was not limited to these two countries only - global stock markets declined, investors confident and negatively had a negative impact on the global supply chain.
The uncertainty of Trump's decision process made this situation more complicated. Many times he declared relief, many times he suddenly increased the tariff. This led to confusion and instability in the business environment.
India also did not remain untouched by Trump's tariff policy. He sarcasted India as "Tariff King" and expressed displeasure over the fees levied by India on Harley Davidson motorcycle and American liquor. India gave relief in tariffs in some cases, but Trump's policy was far wide.
However, Trump's anti-China policies also created a new opportunity for India. Many companies in the US were looking for China's options, and India could become a possible destination for them. But the question was - can India provide that level quality, cost and production capacity?
If India has to play a strong role in the global supply chain, it should not depend only on opportunities. This requires a long -term strategy in which the quality, cost control and innovation of the products are preferred. Along with this, it is also necessary to improve labor laws, improve logistics and prepare small and medium industries in accordance with global standards. Even today, India's trade deficit is not decreasing with China, which is an indication that only opportunity is not enough - competition should also be prepared.
At the time of Trump, the discussion of the trade agreement between India and the United States was in full swing. Foreign Minister S. Jaishankar and Commerce Minister Piyush Goyal also made efforts in this direction, but no concrete agreement could be reached due to America's unstable policy and frequent changing trend. If there is a permanent trade agreement between the two countries in the future, then India will not only get relief from tariff volatility, but will also make American technology, investment and access to the market easier.
Trump's tariff policy made it clear that global trade demands not only diplomacy, but strategy, competition and long -term thinking. India will not only have to understand the current global landscape, but also empower its industry, export and trade policy accordingly. In this world of trade war, only those countries will be able to stand fast and walk with long -term thinking. This is the time of introspection for India - are we only looking for opportunities or are we preparing ourselves for those occasions?
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