India is considering a multi-pronged mechanism to curb dumping of goods by China as US President Donald Trump announced additional tariffs, intensifying trade war with Beijing.
The measures include a set of norms for imports, including the strict enforcement of Quality Control Order for Chinese goods. The central government has also formed an inter-ministerial group to oversee the issue and take quick actions whenever required.
Trump on April 9 announced a 90-day pause on higher tariffs for over 75 countries, sending global markets into a celebration mode. However, China was the exception as Trump announced more tariffs, taking the total duties on Chinese goods to a whopping 125 percent.
These developments have worried the Indian policymakers as experts have flagged that China may reroute its exports to its neighbour to beat the tariff barrier.
Meanwhile, India is looking to conclude a quick trade deal with the US after Trump’s dramatic U-turn on tariffs.
"India is one of the first nations to start talks over a deal with the United States and to have a jointly agreed to a deadline to conclude it," an official told Reuters on the condition of anonymity.
On Wednesday, Trump temporarily lowered duties on trading partners including India, just 24 hours after imposing steep tariffs that unleashed the most intense episode of financial market volatility since the early days of the Covid-19 pandemic.
With agency inputs