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Finance Minister says India-U.S. trade talks have plateaued
ਖ਼ਬਰਾਂ ਵਿੱਚ ਕਿਉਂ?
Talks "plateaued" and tariffs called a weapon: the India-US trade questions GS2 bilateral papers keep asking
India-U.S. trade talks reach a plateau, says the Finance Minister.
Why it matters: general awareness
What you need to know
2 ਮਿੰਟ
The Finance Minister said talks on a trade deal with the United States have plateaued, and that further demands and concessions would be very difficult.
She accused the United States of using tariffs as a weapon to address its trade imbalance.
ਸਰੋਤ: Topper IAS editorial (PIB / The Hindu / Indian Express)
ਮੁੱਖ ਤੱਥ
Remember these
- The Finance Minister said India-U.S. trade deal talks have plateaued.
- She said further demands and concessions would be very difficult.
- She accused the U.S. of using tariffs as a weapon to address its trade imbalance.
- A tariff is a tax on imported goods; it raises their price in the importing country.
- Trade policy and tariff negotiations fall under the Union Government's foreign trade powers (Union List).
ਪ੍ਰੀਲਿਮਜ਼ · ਮੇਨਜ਼
How the exam will ask it
ਪ੍ਰੀਲਿਮਜ਼
- A tariff is a tax levied on imports, whereas a non-tariff barrier includes quotas, licensing and standards.
- A bilateral trade agreement is negotiated between two countries, unlike a multilateral agreement negotiated under the WTO.
- A trade deficit arises when a country's imports exceed its exports of goods.
ਮੇਨਜ਼
GS2 International Relations (bilateral trade) and GS3 Economy. Issue: U.S. use of tariffs to correct its trade imbalance has stalled the India-U.S. deal -> policy: India resists further concessions to protect domestic sectors and its negotiating space -> implication: export uncertainty and pressure on sensitive sectors -> way forward: diversify markets, pursue other FTAs and negotiate sector-wise.
Quick recall
Answer before you reveal
With reference to inter-State river water disputes in India, consider the following statements:
- Article 262 empowers Parliament to provide by law for the adjudication of disputes over the waters of any inter-State river.
- The Mahanadi originates in the Western Ghats.
Which of the statements given above is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
ਜਵਾਬ ਵੇਖੋ
ਜਵਾਬ: A — Correct: 1 only — Statement 1 correctly describes Article 262, while statement 2 is wrong because the Mahanadi rises in Chhattisgarh. • 2 only — wrong: Statement 2 is wrong because the Mahanadi rises in Chhattisgarh, not in the Western Ghats, and statement 1 is correct. • Both 1 and 2 — wrong: Statement 2 is wrong because the Mahanadi does not originate in the Western Ghats, so "both" fails. • Neither 1 nor 2 — wrong: Statement 1 is correct, since Article 262 deals with inter-State river water disputes, so "neither" fails.
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