- By Shivangi Sharma
- Wed, 02 Apr 2025 03:37 PM (IST)
- Source:JND
As the United States prepares to implement sweeping reciprocal tariffs on global trade partners, China has expressed its willingness to increase imports from India. "We are willing to work with the Indian side to strengthen practical cooperation in trade and other areas, and to import more Indian products that are well-suited to the Chinese market," China's ambassador to India was quoted as saying by the state-run Global Times on Monday, March 31.
"We also welcome more Indian enterprises to cross the Himalayas and seek opportunities for cooperation in China, sharing the dividends of China's development," he added.
Bilateral trade between India and China stood at USD 101.7 billion in the 2023-24 financial year, according to India's Ministry of Commerce and Industry. However, India faces a significant trade deficit with China, as its exports to the neighboring country totaled only USD 16.6 billion. India's key exports to China include petroleum oil, iron ore, marine products, and vegetable oil.
With US President Donald Trump set to roll out new tariffs on Wednesday, India and China are looking to bolster their economic ties. Trump has frequently criticised both nations for what he perceives as unfair trade practices, further complicating the global economic landscape.
Modi and Xi Seek Stability Amid Trade Shifts
Indian Prime Minister Narendra Modi, in a podcast earlier in March, praised Trump and has been making strategic concessions to align with US trade interests. At the same time, Modi has sought to ease tensions with Chinese President Xi Jinping, emphasising efforts to restore normalcy along their shared border.
Chinese Ambassador Feihong’s statement came as President Xi called for a stronger partnership between India and China. Xi described their relationship as a "Dragon-Elephant tango," highlighting the potential for cooperation between two of the world's largest economies. The remarks coincided with the 75th anniversary of diplomatic ties between the two countries.
Trump’s "Liberation Day" Tariffs Set For Wednesday
US President Donald Trump is expected to announce “country-based” levies during an event at the White House’s Rose Garden on Wednesday. Over the weekend, Trump clarified that the tariffs would apply to "all countries," dispelling speculation that certain nations might be exempt.
“They’re reciprocal. So whatever they charge us, we charge them, but we’re being nicer than they were. They took advantage of us, and we are going to be very nice by comparison to what they were. The numbers will be lower than what they’ve been charging us, and in some cases may be substantially lower,” Trump stated.
