In the interview, the expert discusses potential losses for India and China’s economies due to increased US tariffs. According to him, India's annual exports to the US are about $91 billion, and if high tariffs are applied, the duties could reach up to 50%, or $45 billion, seriously impacting Indian businesses.
For China, similar measures have been imposed before: the average US import tariff on Chinese goods exceeded 50%. However, the ongoing trade wars have deeper implications for the global economy. The US, prioritizing its own interests, is changing World Trade Organization (WTO) rules, departing from traditional principles of international trade. The expert notes that the key US goal is to hinder the economic growth of China and India, preventing them from overtaking the American economy globally.
High tariffs have already been imposed on Brazil (50%), and similar rates are expected for India and China. Russia, the expert explains, is not seen as a significant trading partner for the US due to its low export volume (about $3.5 billion per year).
The expert also highlights possible effects on the US domestic market: higher tariffs will affect American companies that manufacture goods in Asia and may lead to job losses. Additionally, new trade agreements between the US and the EU are pushing European countries to follow US steps in raising tariffs against China.
In conclusion, the expert emphasizes the transformation of the global trading system under US policy changes and notes that the primary aim is to maintain US economic leadership, even at the cost of disruptions for the markets of India, China, and other countries.
