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US-China Trade Deal: Challenges, Risks, and Future Prospects Syllabus: GS-2: Effect of Policies & Politics of Countries on India’s Interests , International Treaties & Agreements , Government Policies & Interventions , India and its Neighbourhood , Important International Institutions Focus: The recent announcement of a temporary suspension of tariffs between the US and China has …
Read MoreIndia Plans Retaliatory Tariffs on U.S. Imports Why in the News ? India has notified the World Trade Organization (WTO) of its plan to impose retaliatory tariffs on $7.6 billion worth of U.S. imports. This move comes in response to the U.S. imposing 25% duties on steel and aluminium imports. Background of the Tariff Dispute …
Read MoreWhy in the News ? Trump’s high tariffs on Chinese imports are being compared to major past US policy shifts—the Nixon Shock and Volcker Shock—for their transformative impact on the global economy, trade balances, and monetary system, reigniting debates on protectionism and global trade. The Nixon Shock (1971): Collapse of Bretton Woods Post-WWII era (1949–1969) …
Read MoreWhy in the News ? The US imposed a 10% tariff on imports from Australia-governed Heard and McDonald Islands, which have no trade activity. Experts are puzzled, calling it symbolic or erroneous, given the islands’ ecological value and status as a protected nature reserve. Background and Geopolitical Context: The US President recently imposed a 10% …
Read MoreWhy in News? The Lok Sabha passed the Carriage of Goods by Sea Bill, 2024, replacing the 1925 Act to modernize maritime regulations. The Bill simplifies laws, aligns with international standards, and promotes ease of doing business in shipping. About the Purpose and Key Features of the Bill: Lok Sabha passed the Carriage of Goods …
Read MoreWhy in the News ? The Indian government has scrapped the equalisation levy on digital ads, easing taxation on global tech firms like Google and Meta. The move aligns with U.S. trade negotiations, amid pressure to reduce tariffs before the April 2 deadline. Equalisation Levy and Its Impact: Introduced in 2016, the equalisation levy imposed …
Read MoreWhy in the news? OPEC+ extended deep oil output cuts, totaling 5.86 million barrels per day, into 2025 to stabilize the market amidst tepid demand growth and high interest rates. The decision aims to address concerns over low oil prices, driven by slow demand in China and rising oil stocks in developed economies. About OPEC+: …
Read MoreWhy in the news? UNCTAD reports that global trade disruptions, notably due to the Red Sea shipping crisis, have led to longer maritime routes and higher greenhouse gas emissions. Over 600 vessels have been diverted from the Suez Canal to the Cape of Good Hope, increasing voyage time and emissions, with serious implications for global …
Read MoreWhy in the news? The Commerce Ministry led by Secretary Sunil Barthwal strategized on negotiating FTAs with the UK, EU, and widening the deal with Australia. The focus was on preventing resource strain and overtraining while effectively managing negotiations. Experts emphasized the need for a dedicated chapter on Critical Minerals and interdisciplinary expertise in negotiations. …
Read MoreSyllabus: GS 2: Bilateral, Regional and Global Groupings and Agreements involving India and/or affecting India’s interests. Effect of Policies and Politics of Developed and Developing Countries on India’s interests, Indian Diaspora. Why in the News? This article is in the news because the expiration of the U.S. Generalised System of Preferences (GSP) programme in 2020 …
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