US-China trade war opportune time for India to attract multinationals: Pangariya
Eminent Economist Arvind Pangariya has said that escalating trade war between the US and China is an opportune time for India to attract the large multinationals looking for alternative locations outside China. He said that large multinationals are coming out of China and it is an opportune time for India to do whatever it will take to bring these multinationals to the Indian shores.
Speaking at a panel discussion organised by the Consulate General of India in New York, Panagariya strongly called for India to slash tariffs on imported motorcycles and automobiles through giving and take negotiations with the US.
The US and China have been locked in a trade war since Trump imposed heavy tariffs on imported steel and aluminium items from China in March last year, a move that sparked fears of a global trade war.
US President Donald Trump has already imposed 25 per cent tariffs on USD 250 billion in Chinese imports and China has retaliated with tariffs on US goods.
In response, China imposed tit-for-tat tariffs on billions of dollars worth of American imports.