&w=3840&q=100)
China opposes US plan to impose up to 50% tariffs on India: Amb. Feihong
In his address at an event here, Feihong also said that tariff and trade "wars" were disrupting the global economic and trade system.
The Chinese envoy's remark assumes significance as it comes amid a thaw in Sino-India ties.
India and China on Tuesday unveiled a series of measures for a "stable, cooperative and forward-looking" relationship that included jointly maintaining peace along the frontier, reopening border trade, promoting investment flows, and resuming direct flight connectivity at the earliest.
The announcements aimed at realising the "full" development potential of the two Asian giants came amid growing estrangement in ties between India and the US over President Donald Trump's policies on trade and tariffs.
India and China listed the measures in a joint document after Chinese Foreign Minister Wang Yi held wide-ranging talks earlier this week with External Affairs Minister S Jaishankar and National Security Advisor Ajit Doval, besides meeting Prime Minister Narendra Modi.
In his address at an event held at the IIC here, the Chinese envoy referred to the tariffs imposed on various countries by Washington.
"The United States imposed tariffs of up to 50 per cent on India, and even threatened to impose more. China fully opposes it," he said.
Speaking about the upcoming SCO Summit in China, Feihong said his country is willing to work with all parties, including India, to hold the summit, featuring friendship, solidarity, and fruitful outcomes.
"Together, we can open a new chapter of a dragon-elephant tango," he asserted.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
a minute ago
- Indian Express
Border dispute clouds Nepal PM Oli's India visit next month
Nepal's border dispute with India over Kalapani, Lipulekh and Limpiyadhura resurfaced on Wednesday, weeks before Prime Minister K P Sharma Oli's visit to New Delhi. The row follows an agreement between Chinese Foreign Minister Wang Yi and India's National Security Adviser Ajit Doval to reopen three trading routes, including Lipulekh. Kathmandu says the deal was struck without its consent and undermines its sovereignty. On Thursday, lawmakers across party lines raised the issue in Parliament. 'Unilaterally deciding the use of Nepali territory is not acceptable,' members declared. Kamal Thapa, Former Foreign Minister and Chairman of the Rastriya Prajatantra Party-Nepal urged Oli to raise the matter in his upcoming visits to Beijing and New Delhi. Mahesh Bartaula, Chief Whip of the ruling Communist Party of Nepal-UML called the India-China understanding 'a dilution of Nepal's sovereignty.' Nepali Congress leader Bishwa Prakash Sharma said all parties were united on the issue. Oli will attend the Shanghai Cooperation Organisation summit in China later this month and will travel to India on September 16. Nepal's Foreign Ministry said areas east of the Mahakali River, including Kalapani, Lipulekh and Limpiyadhura, are 'integral parts of Nepali territory.' It said India and China had been formally told not to carry out activities there. India, meanwhile, rejected Nepal's claims. 'Border trade through Lipulekh has existed since 1954. It was disrupted in recent years due to Covid and other developments. Both sides have now agreed to resume it.'
The Hindu
4 minutes ago
- The Hindu
U.S. tariff impact: India sees Asia's biggest earnings downgrades
Indian companies have seen the steepest earnings downgrades in Asia, with analysts slashing forecasts as steep U.S. tariffs heighten risks to growth even if proposed domestic tax cuts help cushion the impact. According to LSEG IBES data, forward 12-month earnings estimates for India's large and mid-cap firms have been cut by 1.2% in the past two weeks, the sharpest in Asia. The cuts follow a lacklustre season of quarterly earnings reports extending a bout of weakness among listed firms which kicked off last year and has hurt benchmark equity indexes. India's economy is largely domestic and firms which are part of the Nifty 50 index earn only 9% of revenue from the U.S. but the tariff hike to as high as 50% on exports to the world's largest economy presents a risk to economic growth. Analysis by MUFG indicates that a sustained 50% tariff could cut India's GDP growth by 1 percentage point over time, with the biggest hit to employment-sensitive sectors such as textiles. Looking to buoy domestic consumption, Prime Minister Narendra Modi recently announced sweeping tax reforms to boost the economy in the face of a trade conflict with Washington. "It's a little bit of an interesting time given what's happened with the tariffs that have been imposed on India," said Raisah Rasid, global market strategist at J.P. Morgan Asset Management. Valuations are still elevated and "we could potentially see the tariff triggering a broad valuation re-rating downwards and make some of the domestic oriented stocks attractive," she said. Earnings growth for Indian companies has been in single-digit percentages for five consecutive quarters, below the 15%–25% growth seen between 2020–21 and 2023–24. Following the April-June earnings announcements, forward 12-month net income forecasts for automobiles and components, capital goods, food and beverages, and consumer durables sectors saw the deepest cuts in earnings estimates, each down about 1% or more, the data showed. The government's plans to lower consumption taxes are also expected to boost the country's GDP growth. Economists at Standard Chartered pencil in a boost of 0.35-0.45 percentage points in the fiscal year ending in March 2027. India's real GDP growth averaged 8.8% between fiscal 2022 and 2024, the highest in Asia-Pacific. It is projected to grow at 6.8% annually over the next three years. Bank of America's latest fund manager survey shows that India has tumbled from the most-favoured to the least-preferred Asian equity market in just two months. "After disappointing earnings growth of only 6% in 2024, the pace of recovery remains sluggish in 2025, as indicated by both the economic growth parameters and corporate earnings," said Rajat Agarwal, Asia equity strategist at Societe Generale.
India Today
4 minutes ago
- India Today
UK takes over Liberty Steel plants tied to Indian-British tycoon Sanjeev Gupta
The UK government has stepped in to take control of Liberty Steel's South Yorkshire operations, placing 1,450 jobs under state protection after a London court ordered the winding up of Speciality Steel UK (SSUK).The intervention marks a blow for Indian-British tycoon Sanjeev Gupta, whose group has been struggling to secure financing since the collapse of Greensill Capital, which had lent his Gupta Family Group (GFG) Alliance business about $4.5 high court on Thursday rejected Liberty Steel's request for more time to secure funds, with Justice Mellor saying he had serious doubts about Gupta's ability to deliver. "It is quite clear that there are special managers lined up who have the support of the government. I consider by far the preferable approach is to make a winding-up order," the judge plants in Rotherham and Stocksbridge will now be overseen by the government's official receiver, with advisory firm Teneo appointed as special VALUE TO UK INDUSTRYUK Secretary of State for Business and Trade Jonathan Reynolds described the steelworks and their workforce as "strategic assets" for Britain. The Department for Business and Trade told the court that the government has been approached by independent investors interested in restarting steelmaking. Production at Rotherham has been halted for over a is the second major state intervention in the UK steel industry in 2025. Earlier this year, ministers took control of British Steel's Scunthorpe site to prevent its Chinese owners from letting blast furnaces fall GUPTA'S RISE AND FALLIndian-born Gupta was once known as the "saviour of steel" for his plans to turn around struggling operations. Gupta began his venture at Cambridge as a student and grew it into a global empire with steel and industrial assets in the UK, Eastern Europe and his fortunes changed after the 2021 collapse of Greensill Capital, which had extended about $4.5 billion (3.3 billion) in financing to GFG Alliance. Greensill's administrators, acting on behalf of creditors including Citibank, which alone is owed 233 million, have been attempting to recover funds ever to The Guardian, Gupta's GFG Alliance has been under investigation by the UK's Serious Fraud Office since 2021 over alleged "fraud, fraudulent trading and money laundering" linked to its financing and operations. Both Gupta and the company deny in the United Arab Emirates, Gupta has already lost control of several businesses in Europe, Singapore and Australia. SSUK represented his most important remaining metals asset in the UK.- EndsWith inputs from agenciesMust Watch
