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How do trade relations between India, China and Russia affect U.S. economy?

How do trade relations between India, China and Russia affect U.S. economy?

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Asked by F.William, Last updated: Nov 02, 2018

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M. Kennedy

M. KennedyWeb Content Writer, Denver
Web Content Writer, Denver

Answered on Nov 02, 2018

In 2008 an important bilateral agreement was signed between India and China. The resulting trade has reaped huge financial rewards, and we are talking billions The bilateral trade in 2017 rose by 18.63 per cent year-on-year. But China had a 63$ billion trade deficit and warned India that lower trade barriers for rice, meat, pharmaceuticals and IT products were necessary. Naturally the US wishes to be part of such powerful trade riches.

However, the Trump administration promised Americans that their jobs and therefore production of American goods took precedence over cheap Chinese imports. Taxes have been applied so that local products are more attractive now. Trump has not negotiated these changes to trade with China tactfully and has used perjorative language about Chinese import practices. US taxes levied on Chinese goods have, and will be, matched by China against the US goods.

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F. Lopez

F. Lopez

Answered on May 23, 2018

This is not an easy question to answer. I think a very simple answer might be the United States (US), China and India all need each other. Where Russia falls in the middle of all this is not clear to me. The US is China’s biggest export market. With India, the US has over a $1 billion two-way trading relationship.

But there is a lot of room for growth because the US trading relationship with South Korea is two times bigger by volume than that between India and the US while South Korea’s GDP is 40 percent smaller than India’s. One of the problems is India has a “Make in India” philosophy and Trump has an “America First” policy.

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