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The Dollar Business Bureau The US exports to India were increased by 18.7% and the trade deficit between the two nations has declined by nearly 6% in 2017 over the previous year, but still the US continue to complain on various issues including high tariffs and market access to several American goods being shipped to India. “The US goods trade deficit with India was $22.9 billion in 2017, a 5.9% decrease ($1.4 billion) over 2016,” according to the National Trade Estimate 2018, an annual report released by the United States Trade Representative (USTR). India is among the few nations with which the trade deficit of the US has dropped in the past one year. However, the US administration under President Donald Trump ...

The Dollar Business Bureau In retaliatory action against the duties on aluminium and steel by the US, China has imposed new tariffs of up to 25% on 128 US products ranging from frozen pork to wine and certain fruits to nuts, escalating the fears of a possible trade war between the two largest economies of the world. The imposition tariffs by Beijing are in response to the 25% on duty on steel and 10% on aluminium that have been levied by the President Donald Trump, according to a statement by the Chinese Finance Ministry on Sunday. However, Trump has temporarily excluded imports from the countries such as European Union, Brazil, Canada, Argentina, Australia, South Korea and Mexico.  Over the past few weeks, Chinese officials ...

The Dollar Business Bureau India’s exports would be impacted if the current tariff war escalates into a full-fledged trade war, apex trade body ASSOCHAM said, adding that there would be severe damage to the Indian economy too. “If the tariff war escalates into a full-scale global trade war, it would have a collateral damage for the Indian economy as well, with the country's exports taking a hit, current account deficit facing pressure and the GDP taking a setback,” the trade body said in a statement on Sunday. The Chamber further said that the move of the US administration to levy tariffs could lead to a further retaliation against the US but it may not have a direct impact on India. “Instead of de-escalating, the ...

The Dollar Business Bureau Few days after threatening with reciprocal taxes on export products from India, the US, under Donald Trump administration, has launched a fresh offensive against it by filing complaint at the World Trade Organisation (WTO) about, what it termed, as its export subsidies programmes such as Special Economic Zones (SEZs) and the Merchandise Exports from India Scheme (MEIS). The US has requested to hold discussions with India on the issue, the first step before taking any legal action. In its request, the US has argued that the incentives provided by India violate the WTO agreements as it has crossed the economic benchmark of $1,000 per capita gross national income (GNI). Under the rules of WTO, India and the US are ...

The Dollar Business Bureau India and the United Arab Emirates (UAE) have signed a currency swap agreement that will enable businesses from both the nations to directly trade in each other’s currency, bypassing the US Dollar or any other international currency. The signing of agreement means that business communities from both sides can save huge money as trade between the two countries reached to new highs. “India and the UAE have reached an agreement that will enable businesses in both countries to bypass the dollar and other foreign currencies and trade directly in dirhams or rupees,” said Navdeep Suri, India’s Ambassador to the UAE. “[This] means that there is a saving for the business community. It makes trade between the two countries more competitive,” ...

The Dollar Business Bureau Jerome Powell will succeed Janet Yellen as the next chairman of the US’ Federal Reserve Bank - the most powerful central bank in the world. The selection of Powell has been confirmed by the US Senate with 84-13 vote with support from both Republicans as well as many Democrats. Powell, a 64-year-old lawyer, was nominated by President Donald Trump in November last year. He has served on the Federal Reserve’s board since 2012, and would take over when Yellen’s term expires on February 3, 2018. Yellen, the present chairman of Federal Reserve, was selected in 2014 by President Barack Obama and has been the first woman to be appointed on the position. Powell was seen as a safe choice by ...

The Dollar Business Bureau India looks set to overtake the economies of France and Britain in 2018 to become the fifth largest economy in the world in dollar terms, according to a report by one of the leading economics consultancies in the UK. The World Economic League Table 2018 by Centre for Economics and Business Research (Cebr) consultancy painted a positive view of the world’s economy, supported by cheap prices of energy and technology. India’s rise is a part of the trend that will witness economies in Asia increasingly dominate the 10 biggest economies in the coming 15 years. Douglas McWilliams, Deputy Chairman, Cebr said, “Despite temporary setbacks, India's economy has still caught up with that of France and the UK and in 2018 ...

Anishaa Kumar After months of preparation, Hyderabad was abuzz with activity as it is opened its doors to welcome guests from around the world for the Global Entrepreneurship Summit 2107. While one of the main attractions for this year’s Summit was a visit by First Daughter and Advisor to the President of the United States, Ivanka Trump, the summit at its roots was a platform to promote the spirit of entrepreneurship and the importance of supporting start-ups to develop economies. This year, the event is focused on promoting women entrepreneurship with the theme “Women First, Prosperity for all.” Now in its 8th year, the summit has over the years, across countries and continents been an important platform for entrepreneurs to showcase their ...