Business Mantra News
It seems that age of Cold war in International Trade has been back in the World Economy. USA under Trump administration has increased import duty on Steel and Aluminum which is likely to affects either directly or indirectly Indian engineering goods to USA. Donald Trump has forced such duties to uplift their domestic industries and to support local manufacturers. But this step can flair up trade war amongst different nations.
In this process, China and Europe may also takes such retaliatory steps which would impact almost all the countries under WTO.
Under WTO, every member country has to first raise concern at the platform of WTO forum about the condition of its domestic industry and its impact on the world trade. Thereafter, it may take steps but Trump Administration had taken unilateral decision and taken WTO body for granted.