Commerce Minister Suresh Prabhu says the world is facing serious challenges as the US is taking protectionist measures and India needs to explore ways to boost exports. The comments came amid US President Donald Trump imposing $ 60 billion of tariffs on Chinese imports, and also increasing import tariff on steel and aluminium in case of India.
He further added India is a firm believer in a rule-based, transparent and participatory trading system and recently it has invited key WTO member countries here to discuss ways to reinvigorate the global trading body. When asked about impact of the possible trade war between the US and China he mentioned if any country takes a unilateral action, it would definitely take note of it and will deal with it appropriately.
President Trump imposed $ 60 billion of tariffs on Chinese imports, a move that could escalate the already tense trade relations between the world’s two biggest economies. By doing market research all must take steps to promote exports to explore new markets says Prabhu. India is meeting leaders of some African countries to promote exports in the region.