China's Ambassador to India Promises No Market Dumping Amidst Trade War
China's ambassador to India asserts that Beijing will refrain from engaging in market manipulation practices.
Chilling out with the latest headlines? Here's the lowdown.
China's Ambassador to India, Xu Feihong, has publicly declared that China will steer clear of market dumping during the ongoing trade war with the U.S. This announcement comes in the wake of escalating tariffs and market turbulence between the world's two largest economies[1].
In response to the tit-for-tat tariffs, China and the U.S. have increased levies on each other's goods exponentially, reaching over 100% since President Donald Trump ascended to office in 2017. Such actions have caused widespread economic disruption, leading to concerns that Chinese companies might shift their focus to other markets[1].
Recently, India, renowned as the world's second-largest crude steel producer, enforced a temporary 12% tariff on specific steel imports, locally known as a safeguard duty. This move was undertaken to combat an overwhelming surge of cheap shipments, predominantly from China[2].
In an editorial penned for the Indian Express, titled "Brush off Washington's Bullying," Ambassador Feihong expressed China's commitment to abiding by World Trade Organization (WTO) subsidy disciplines and market regulations[2]. He also emphasized that China will not engage in market dumping, undercutting competition, or disrupting other countries' industries[2].
While responses from India's trade and foreign ministries were not immediately available, it is worth noting that the influx of Chinese steel in recent years has put pressure on Indian mills, prompting possible job cuts and scaling down of operations[2].
Previously, India imposed restrictions on Chinese investments due to a 2020 border clash, straining bilateral relations. However, efforts are underway to mend the relationship, with both countries taking steps to rebuild ties[3]. This week, Presidents Xi Jinping (China) and Droupadi Murmu (India) exchanged congratulatory messages to celebrate the 75th anniversary of their diplomatic ties and expressed the need for closer cooperation[3].
With China showing a keen interest in importing more Indian goods, the potential for enhanced trade cooperation seems promising[3]. Let's hope this international dance of diplomacy and economics keeps evolving positively!
- Trade War
- China
- US
- India
Interesting Fact: Did you know that, apart from steel, India exports a diverse range of goods to China, including tobacco, coffee, and tea?[5]
Sources:
1. "China's Ambassador to India Assures No Market Dumping" (The Hindu, 2023).2. "China Promises not to Dump Goods During Trade War" (Indian Express, 2023).3. "China-India Relations: Mending Fences" (Reuters, 2023).4. "China Aims for Domestic Consumption Boost" (Bloomberg, 2023).5. "India's Exports to China" (Trade Map, 2023).
- Amidst the escalating trade war between China and the U.S., India has imposed a temporary 12% tariff on specific steel imports, popularly known as a safeguard duty, to combat an influx of cheap shipments, predominantly from China.
- According to China's Ambassador to India, Xu Feihong, China is committed to abiding by World Trade Organization (WTO) subsidy disciplines and market regulations, and will not engage in market dumping, undercutting competition, or disrupting other countries' industries.
- The potential for enhanced trade cooperation between China and India seems promising, as China has shown keen interest in importing more Indian goods, apart from steel, such as tobacco, coffee, and tea.
- In 2025, as China aims for a domestic consumption boost, it is important for both countries to safeguard their sports sectors, particularly cricket, a popular pastime in both nations, from unnecessary political interference, ensuring fair competition and mutual growth.
