America proposes 12.5% ​​extra tariff on 54 countries including India and China, creating panic in the global market

A very big and shocking news is coming out from the global business world, which has created panic in the international market. Taking a very tough and big step, the US Trade Representative (USTR) has presented a sensational proposal to impose an additional import tariff of 12.5% ​​directly on exports from 54 countries of the world including India and China. Due to this very strict and aggressive stance of Washington, it is feared that there will be huge tension and bitterness in the global supply chain and America’s bilateral trade relations with various countries. America has made serious allegations of ‘forced labour’, these sectors will be punished. The US administration has cited ‘forced labour’ as the main and biggest reason behind taking this very strict and punitive step. USTR has made very serious allegations in its report saying that all these 54 countries have completely failed in stopping the production, manufacturing and export of such goods in which bonded labor or forced labor is used at any level. The burden of this tough decision of America is going to fall on many major and big industries around the world. The scope of this entire investigation includes very important sectors like steel, aluminium, automobiles, electronics and agriculture, which have a direct impact on the US domestic market and global trade. China’s cotton and polysilicon market on the radar of American investigation. In this detailed report released by USTR, many very serious and sharp claims have been made about China. The US agency says that very strong evidence has been found of forced labor in the entire supply chain of China’s cotton and polysilicon used in solar energy equipment. It is a matter of concern for America that this raw material from China is also used extensively by many other countries of the world in their finished products. This is the reason why America has widened the scope of its investigation so that goods coming indirectly from China can also be cracked down on. India called American claims unfair, rejected the allegations outright. Indian agencies have also given a very sharp and strict reaction to these very serious and serious claims made by America. The Government of India and the concerned security and trade agencies have completely rejected the allegations made in the American report and have termed the entire investigation process as completely ‘unfair’ and one-sided. The Indian side clearly says that labor laws are strictly followed in the country and such allegations are baseless. Talks are going on between India and America under ‘Section 301’ to resolve the dispute. After this big trade dispute came to light, the Indian Ministry of Commerce and Industry has become completely active. India is continuously holding high-level talks with the US administration on this very sensitive issue under the prescribed legal proceedings of ‘Section 301’. Along with this, both the countries are also trying hard to ensure that in future such trade disputes can be resolved by mutual consent, for which preparations are also being made in full swing to finalize a strong bilateral framework agreement.