2024-10-08 23:54:10
New Delhi: America has imposed heavy tariffs on clean energy and high-tech products coming from China. Its purpose is to curb the wave of Chinese products in these sectors. China wants to conquer the world with its products. Experts have named it ‘China Shock 2.0’. Due to this, jobs can be lost in many countries including India. The first ‘China shock’ came after China joined the WTO in 2001. At that time, China’s cheap products had made their place in the markets around the world. Due to this, people had lost their jobs all over the world. Protectionist measures are being taken against the increasing flow of sugar imports in India and western countries. External Affairs Minister S Jaishankar had said on Sunday that one impact of globalization in the last 25 years has been job losses and dissatisfaction with the standard of living in many societies. Trade has not only been globalised. Of course, it has also been made a weapon.
The world’s focus has shifted from important issues.
Jaishankar also said that conflicts in Ukraine and West Asia have diverted the focus of global politics from important issues like Multilateral Development Banks (MDB) reforms, climate change and the India-Middle East-Europe Economic Corridor (IMEC). IMEC was conceived during the G20 meeting held in India last year.
Jaishankar’s statement came at a time when a new wave of products from China in clean energy and high tech sectors is expected to lead to job losses in many sectors including India. This is being termed as ‘China Shock 2.0’. Keeping this in view, America has imposed heavy tariffs on China.
China has shocked the world before too
The first shock was when cheap Chinese goods flooded global markets after China joined the World Trade Organization (WTO) in 2001. Due to this, jobs were lost all over the world.
India has also increased anti-subsidy measures on Chinese products. India imposed more than 30 anti-dumping measures against China in 2024 alone, the most for any country.
Target products include industrial items such as plastic processing machines, vacuum-insulated flasks, welded stainless steel pipes and tubes, soft ferrite cores and industrial laser machines.
Indian businesses demanding anti-dumping duties argue that China is not a market economy. He systematically harms Indian industries to eliminate competition.