The lesser-known tale of India's trade with two giants: US and China
India's global trade story has long been shaped by its relationships with two of its largest partners: the United States and China. While these relationships have grown significantly over the past decade, they show stark contrasts that often remain as lesser-known facts, at least like Crisil called it in an investr note.
India’s trade with the U.S. and China reached $120 billion and $118 billion respectively in fiscal 2024, doubling over the last decade. However, the similarity ends here, Crisil said, as it notes hat India has a $35.3 billion trade surplus with the U.S., while it faces an $85.1 billion trade deficit with China.
Trumponomics and trade shifts
The revival of Trumponomics under US President-elect Donald Trump once again raises questions about global trade dynamics. Trumponomics has protectionism, higher tariffs, and a focus on local manufacturing as key agenda on table. Trump's proposed tariffs of 25% on products from Mexico and Canada and 10% on Chinese goods reflect his commitment to reshaping trade relationships.
These measures, while some may call it as 'radical', however, offer India unique opportunities. India has shown willingness to provide easier market access to U.S. firms, provided Washington reciprocates. During Trump’s earlier tenure, India and the U.S. worked towards a limited trade accord, setting the stage for deeper economic engagement.
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