How China, India will navigate Trump’s bid for ‘tariffs, and tariffs alone’
As Donald Trump returns as the US President on 20 January, the world will closely watch his trade policies. During his first term, Trump initiated a trade war with China in 2018, imposing tariffs on $250 billion worth of Chinese goods, including steel, aluminium, solar panels and washing machines. China's trade surplus stood at $785 billion for the first 10 months of 2024, and was estimated to cross $950 billion by the year end, a new record. For example, China’s exports to Vietnam stood at $138 billion in 2023, up 64% over 2018, when Trump imposed the tariffs. If Trump's preference of tariffs as a tool to shore up federal revenues leads to universal tariffs, it could impact India, which had a trade surplus of $37 billion in 2023-24 with the US.
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