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Livemint: India lifts tariff on some US goods ahead of G20 summit, Modi-Biden meeting

Article published: 7 September, 2023

IB Economics syllabus: Global Economics (trade, tariffs, protectionism, trade agreements)

India’s Tariff Revisions: A Strategic Move Ahead of the G20 Summit

India has decided to lift additional duties on several American products, including chickpeas, lentils, and apples. This move is seen as a response to the United States’ decision in 2019 to raise tariffs on specific steel and aluminium items. The Indian Finance Ministry’s announcement comes just a day before US President Joe Biden’s visit to India for the G20 Summit, where he will have a bilateral meeting with Prime Minister Narendra Modi.

IB Economics Internal Assessment (IA) Commentary

To analyze Livemint’s article on India’s tariff changes, you can discuss the reasons behind such trade policy decisions, specifically in the context of the G20 Summit. You can use a tariff diagram to show visually how this affects consumer and producer surplus, government revenue, and potential deadweight loss. Also, you can explore the expected benefits for consumers, such as lower prices and a wider range of products, while comparing them with the challenges that domestic producers may face due to increased competition from US imports. By combining these components, you can create a comprehensive analysis that makes a perfect IA. As for the key concept, efficiency and interdependence are good ones.

Source of image: AP

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