New York, Aug 9: The ongoing trade war between US and China has enough potential to adversely impact the Indian farmers as they would find it challenging to export their agricultural produce in such a scenario, Microsoft founder Bill Gates told CNBC TV18 Wednesday.
This is the first pointed reference made by a global figure on the potential impact of the US-China trade war on farmers in India, including Jammu & Kashmir.
“The hike in tariffs is also likely to put pressure on the the growth of global economy, that is currently doing well”, Gates said.
The global trade war is scary and can even affect chances of job creation, Bill Gates added.
We can end up with lots of tariffs which can put a lot of burden on the economic growth, and the poorest countries would be the most affected, he added.
On Tuesday, Donald Trump-led US administration announced that the country will move towards imposition of 25 percent tariffs on additional $16 billion in imports from China. The office of the US Trade Representative told AP that collection of border tax will begin August 23 by the custom officials. The list issued would be heavy on industrial items such as iron girders and steam turbines. In the month of April, Donald Trump-led US authorities announced plans to impose tariffs on 1,333 Chinese items worth $50 billion a year.
However, the authorities slashes 515 products from the list in the month of June and added 284 on receiving feedback from public. It was on July 6 that the US started imposing taxes on 818 goods worth $34 billion, which were remaining from the April list.
US has finally decided on Tuesday to move ahead with taxes on 279 of the 284 items which were added in the month of June. They amount to a worth about $16 billion per year. China is retaliating in the similar way.
The US administration is mulling over tariffs of up to 25 percent on a extra $200 billion in Chinese items.