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Why 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 MoreRelevance: GS 2 – Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests Why in the News? India-Qatar Trade Expansion: India and Qatar have agreed to double bilateral trade to approximately $28 billion over the next five years. Diversification Beyond Hydrocarbons: Piyush Goyal emphasized that while India and Qatar share a …
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 MoreSyllabus: GS 2: India and its neighbourhood couuntries Why in the News? Recently, United States initiated tariffs on Canada, Mexico, and China to boost federal revenue and address economic concerns, sparking debates on trade wars and potential political implications. Introduction United States has adopted a policy of muscular nationalism, initiating a trade war targeting key …
Read MoreWhy in the news? China’s trade surplus surged to $992.2 billion in 2024, fueled by strong exports, particularly in high-value sectors like electric vehicles, batteries, and solar panels. This comes as the nation prepares for potential challenges from international trade policies. Key Points: Strong Export Growth: China’s exports in 2024 rose by 9%, reaching $3.58 …
Read MoreSyllabus: GS – 3– Global trade , Role of WTO , Bilateral relations between countries Focus : This article examines the decline of the World Trade Organization (WTO) as a robust multilateral trade referee, highlighting the persistent paralysis of its Appellate Body, the shift in global power dynamics with China’s rise, and the resurgence of …
Read MoreWhy in the news? India remains Nepal’s largest trading partner. Nepal’s trade deficit reached NPR 237.45 billion by mid-September 2024-25. Nepal maintains trade relations with 145 countries but has trade deficits with over Major Trade Deficits: Nepal’s largest trade deficits are with India (NPR 144.67 billion) and China (NPR 51.80 billion). India and China are …
Read MoreWhy in the news? India and ASEAN reviewed trade relations at the 21st AEM-India meeting, discussing the ASEAN-India Trade in Goods Agreement and India’s push for equitable tariff reforms. About 21st ASEAN-India Economic Ministers Meeting Held in Lao PDR: Commerce and Industry Minister Shri Piyush Goyal co-chaired the 21st ASEAN-India Economic Ministers (AEM-India) meeting with …
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