{"id":276713,"date":"2025-04-08T05:37:48","date_gmt":"2025-04-08T05:37:48","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/04\/08\/blame-china-not-trump-piyush-goyal-says-3-decades-of-malpractices-helped-beijing-to-grow-at-the-cost-of-nations-like-india\/"},"modified":"2025-04-08T05:37:48","modified_gmt":"2025-04-08T05:37:48","slug":"blame-china-not-trump-piyush-goyal-says-3-decades-of-malpractices-helped-beijing-to-grow-at-the-cost-of-nations-like-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/04\/08\/blame-china-not-trump-piyush-goyal-says-3-decades-of-malpractices-helped-beijing-to-grow-at-the-cost-of-nations-like-india\/","title":{"rendered":"\u2018Blame China, not Trump\u2019: Piyush Goyal says 3 decades of malpractices helped Beijing to grow at the cost of nations like India"},"content":{"rendered":"
\"\u2018Blame<\/div>


\n<\/p>\n

In a pointed critique of global trade imbalances<\/a>, Union Commerce Minister Piyush Goyal<\/a> said China\u2019s economic ascent was built on “unfair trade practices”, hidden subsidies, and distorted labour models\u2014ignored by much of the world since Beijing joined the WTO in 2001.<\/p>\n

\u201cThis growth was fuelled by unfair trade practices. This growth happened at the cost of fair play,\u201d Goyal told the India Global Forum<\/a> in Mumbai. \u201cIts foundation lay in actions which, by the rules of the game, would be considered improper.\u201d<\/p>\n

He said China\u2019s rise had come \u201cat the cost of national economies and the manufacturing ecosystem\u201d in many countries\u2014including India. The current trade standoff, he argued, is not a flashpoint but the result of years of myopia by the international community.<\/p>\n

\u201cThe current state of play, in some way, is a culmination of almost three decades of this attack on several economies,\u201d he said.<\/p>\n

A world misled by illusions of reform<\/h2>\n

Goyal accused global leaders of being overly optimistic about China\u2019s intentions, believing the country would eventually liberalise, improve transparency and adopt fairer trade principles. That didn\u2019t happen.<\/p>\n

\n
\n
<\/div>\n

Live Events<\/h3>\n<\/div>\n<\/div>\n


\u201cMany parts of the world were convinced China would reform itself\u2014transform its processes, bring transparency into its economy, and work on fair terms in the global economy.\u201dInstead, he said, China used predatory pricing, opaque subsidy structures, and labour norms that tilted the playing field. \u201cWe don\u2019t find fair pricing from China,\u201d Goyal said. \u201cThere is no belligerence from me. I laid down the fact very calmly.\u201d<\/p>\n

India must turn crisis into opportunity<\/h2>\n

Goyal called on Indian companies to be \u201cnationalistic\u201d in spirit\u2014not in isolationist terms, but by supporting domestic supply chains, collaborating across sectors, and aligning with national priorities. Drawing on past examples, he said India had risen to global challenges during the Y2K IT transition and the Covid-19 pandemic, and must now do the same amid tariff upheaval.<\/p>\n

\u201cIndia can turn this phase into an opportunity,\u201d he said. \u201cJust like we did during the Covid pandemic and the Y2K problem.\u201d<\/p>\n

He also urged industry to alert the government when they witness dumping of foreign goods\u2014especially from China. The steel industry, he said, had already submitted representations, which the government is evaluating.<\/p>\n

Congress under fire over trade deficit with China<\/h2>\n

Taking aim at the previous UPA government, Goyal claimed that the trade deficit with China had soared during its tenure.<\/p>\n

\u201cWhen Atal Bihari Vajpayee laid down office in 2004, the India-China trade deficit was at a certain level,\u201d he said. \u201cIn the 10 years of the UPA government, that trade deficit soared by 25 times.\u201d<\/p>\n

He went further, accusing Rahul Gandhi of signing a controversial MoU with the Communist Party of China, which he implied was followed by sharp tariff reductions that allowed massive Chinese dumping into Indian markets.<\/p>\n

\u201cThis killed many of our local manufacturing sectors and made us dependent on China,\u201d he said. \u201cThe country is still suffering from those 10 years of mismanagement of the economy.\u201d<\/p>\n

Markets roil as Trump\u2019s tariffs escalate<\/h2>\n

Goyal\u2019s comments came on a day of high volatility in global financial markets, with Hong Kong\u2019s Hang Seng Index falling 13.2 per cent\u2014its worst crash since 1997. China\u2019s markets have been rattled by rising US tariffs and retaliatory moves from Beijing.<\/p>\n

In the United States, Donald Trump dismissed inflation concerns and claimed tariffs were generating billions for the country. On social media, Trump issued a stern warning to China: withdraw tariffs or face a 50% hike starting April 9.<\/p>\n

\u201cChina is the biggest abuser of them all,\u201d Trump said, accusing it of crashing global markets.<\/p>\n

India\u2019s measured tariff response<\/h2>\n

Despite being caught in the crossfire, Goyal said India\u2019s average applied tariff on US goods is just 7\u20138 per cent, and many of the tariff lines targeted by the US were on goods India doesn\u2019t import at all.<\/p>\n

\u201cOur applied tariff to the United States is probably seven or eight per cent. It\u2019s not humongous,\u201d he said.<\/p>\n

India, he emphasised, will pursue bilateral trade pacts with countries that respect fair, rules-based systems. While refusing to disclose the status of talks with Washington, Goyal added that India\u2019s economy is resilient, with limited dependence on exports. The rupee remains stable, and Indian equities were among the least affected by Trump\u2019s tariff blitz, he noted.<\/p>\n

\u201cIndian equities are fortunate to be at the bottom of the table of markets impacted by Trump’s disruptive policies,\u201d he said.<\/p>\n

‘Re-globalisation’, not retreat<\/h2>\n

Pushing back against fears of de-globalisation, Goyal said the world is not fragmenting\u2014but reorienting around fairer trade principles. The goal, he argued, should not be to erect walls but to build systems where no player gains by cheating.<\/p>\n

\u201cWe are not in an era of de-globalisation, but one of re-globalisation,\u201d he said.<\/p>\n

He also voiced concerns over Chinese automaker BYD\u2019s entry into India, hinting at a lack of trust given China\u2019s track record. While India remains open to partnerships, Goyal made it clear they must be transparent, reciprocal, and ethical.<\/p>\n

(With inputs from TOI)
<\/p>\n<\/div>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In a pointed critique of global trade imbalances, Union Commerce Minister Piyush Goyal said China\u2019s economic ascent was built on “unfair trade practices”, hidden subsidies, and distorted labour models\u2014ignored by much of the world since Beijing joined the WTO in 2001. \u201cThis growth was fuelled by unfair trade practices. This growth happened at the cost […]<\/p>\n","protected":false},"author":2,"featured_media":276714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/118783427.cms","fifu_image_alt":"","footnotes":""},"categories":[602],"tags":[1226,10214,168,146275,213813,5996,11529,213814,186270,19432,7743,3227,273,213810,70334,32028,213812,2376,19431,18733,52,213811,196327],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/276713"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=276713"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/276713\/revisions"}],"predecessor-version":[{"id":276715,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/276713\/revisions\/276715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/276714"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=276713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=276713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=276713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}