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Why in the News? The zero-for-zero tariff approach is being considered as a way for India to counter US reciprocal tariffs. This method involves mutual tariff elimination on select goods, offering a faster alternative to bilateral trade deals and minimizing the impact of new trade barriers. Impact of Reciprocal Tariffs on India If uniform reciprocal …
Read MoreWhy in the News? President Donald Trump announced reciprocal tariffs on major US trade partners, aiming to reduce the trade deficit and boost domestic manufacturing. However, retaliatory tariffs, market instability, and rising economic uncertainty have raised concerns about a potential global recession. Key Announcements and Rationale: President Donald Trump announced “reciprocal tariffs” on US trade …
Read MoreWhy in the News? U.S. President Donald Trump announced reciprocal tariffs from April 2, targeting India, China, and other nations with high levies on U.S. goods. He called these tariffs “very unfair” and emphasized boosting domestic manufacturing while retaliating against trade imbalances. Key Announcement: S. President Donald Trump criticized high tariffs imposed by India, China, …
Read MoreSyllabus GS-2: Bilateral Groupings & Agreements , Effect of Policies & Politics of Countries on India’s Interests , Indian Diaspora , Groupings & Agreements Involving India and/or Affecting India’s Interests Focus: The US, under Trump’s “reciprocal tariffs” policy, may impose higher import duties on Indian goods, especially agricultural exports like shrimp and basmati rice. With …
Read MoreWhy in the News? The Indian government launched the ‘One Nation, One Port Process’ (ONOP) to standardize port operations, reduce inefficiencies, and enhance global trade competitiveness. Other initiatives, including the Sagar Ankalan LPPI Index and MAITRI platform, aim to modernize maritime infrastructure and streamline logistics. Launch of Key Maritime Initiatives: Union Minister Sarbananda Sonowal introduced …
Read MoreWhy in the news? Brazil has officially joined OPEC+, a coalition of 22 oil-exporting nations, to enhance global oil market stability. This move boosts Brazil’s role in energy policies, impacting oil supply, pricing, and international market dynamics. Brazil’s Entry into OPEC+: Brazil’s government has approved its entry into OPEC+, an alliance of major oil-exporting nations. …
Read MoreWhy in the news? India’s average import tariff (17%) is the highest among BRICS nations and five times that of the U.S. (3.3%), mainly due to high agricultural tariffs. The U.S. is pushing for tariff reductions, impacting trade negotiations. India’s Import Tariff Structure India’s average import tariff in 2023 was 17%, significantly higher than the …
Read MoreSyllabus: GS-2: International Treaties & Agreements, Government Policies & Interventions GS-3: Inclusive Growth, Government Policies & Interventions, Effect of Policies & Politics of Countries on India’s Interests Focus: US President Donald Trump has proposed reciprocal tariffs, ensuring the US imposes the same tariffs on imports as other countries impose on US exports. This challenges existing …
Read MoreWhy in the news? The Kashmir hand-knotted carpet, a centuries-old craft, received a new GI logo from the Geographical Indications Registry, Chennai, to ensure authenticity, protect artisans from imitations, and boost global recognition and exports. Preserving a Timeless Craft: The Kashmir hand-knotted carpet, renowned for its intricate designs and superior craftsmanship, now has a new …
Read MoreWhy in the News? Economic, military, and political factors serve as key drivers of India-China détente. These drivers are expected to gain greater significance with Donald Trump assuming leadership in Washington. India and China are engaging in dialogue again rather than speaking past each other. A key question arises: Is this a return to the …
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