A trade war seems to be looming between India and China after New Delhi imposed anti-dumping duties on 93 Chinese products amidst a military standoff in Doklam area, two state media reports said in Beijing on Monday.
An article in The Global Times, part of the ruling Communist Party's publication group, urged Chinese firms to “reconsider the risks” of investing in India, and warned New Delhi to be "prepared for the possible consequences for its ill-considered action."
It cited figures from the Indian embassy in China to show that Indian exports fell by 12.3 percent year-on-year to USD 11.75 billion while India's imports from China rose by 2 percent to USD 59 billion, resulting in a trade deficit of USD 47 billion.
The report on trade comes as India and China have been locked in a tense military standoff in Doklam in the Sikkim sector.
Another article in China Daily said boycotting Chinese goods would harm India.
Referring to the calls of boycott of Chinese products, it said the ongoing standoff in Doklam seems to have spilled over into bilateral exchanges.
China warned on Monday that nobody would win in a “trade war” with the United States as President Donald Trump prepared to launch an investigation into Chinese intellectual property practices.
The investigation could lead to sanctions against Beijing.
Asked about the US move, foreign ministry spokeswoman Hua Chunying said any member of the World Trade Organisation must respect WTO rules.
US officials, who spoke on condition of anonymity, bluntly accused China on Saturday of “stealing our intellectual property” – long a concern of Western companies seeking a share of the enormous Chinese market.
The US officials, however, said the North Korean issue and the investigation into China's trade practices are not linked.
China today announced that it would ban from Tuesday imports of iron, iron ore and seafood from North Korea as it follows through on new UN sanctions approved earlier this month.
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