For several years and for equally several reasons, there has been an increasing tension between the United States of America (USA) and China.
One major thorn in the flesh is the implementation of tariffs which seems to have spawned a virtual trade war between the two. The ongoing trade war between these two powerful nations may have repercussions and definite implications which will affect the global and the Indian economies. “The standard graduate economics textbook extolls the virtues of free trade as it maximizes the gains to the consumer and prevents any wastage of resources caused by idle capacity or unmet demand,” informed Madhuri Saripalle, Associate Professor of Economics, Institute for Financial Management and Research Graduate Business School, Krea University, Sricity, Andhra Pradesh.
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