India-US trade relations take a positive turn

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India-US relations | US trade policy crystalizes | “De-risking” and Asian economies | More research from Hinrich Foundation

India-US relations

India’s growing economic clout is attracting more attention and engagement from the US and other economies, per the Economist, though its manufacturing remains highly dependent on China, according to Bloomberg. Former Indian diplomat Nirupama Rao highlights India’s great power opportunity in Foreign Affairs. The US Trade Representative announced the resolution of six WTO disputes launched by India against the US and the lifting of India’s retaliatory tariffs, among other outcomes, including investments in solar panels and semiconductors, highlighted by Bloomberg.

Mentioned publications

1. America is courting India in part for its growing economic clout – The Economist, June 17, 2023
   Will India’s positive economic growth trajectory continue?

2. The Road to Modi’s Ambitious Make-in-India Goal Runs Through China – Bloomberg, June 8, 2023
   Can India transition from its current focus on final assembly to innovative manufacturing?

3. The Upside of Rivalry: India’s Great-Power Opportunity - Nirupama Rao, Foreign Affairs, May/June 2023
   The view of current geopolitics from Delhi.

4. United States Announces Major Resolution on Key Trade Issues with India – Office of the US Trade Representative, June 22, 2023
   The US and India will end six WTO disputes and India will lift retaliatory tariffs on US goods.

5. Biden and Modi Announce Defense, Chips Deals at White House – Justin Sink and Jenny Leonard, Bloomberg, June 22, 2023
   The US and India announce a range of agreements, including new semiconductor and solar investments.

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US trade policy crystalizes

US Trade Representative Tai talks about supply chain resiliency with long-term implications for the trade landscape in a speech, while former White House official Peter Harrell gives candid remarks about Biden administration’s trade policy. Biden’s “radical” new trade agenda is put into context by Politico, and Rana Foororhar says that Tai’s policies are putting the US back in USTR. Meanwhile, WTO Director General Ngozi Okonjo-Iweala makes the case for why the world still needs trade.

Mentioned publications

1. Ambassador Katherine Tai's Remarks at the National Press Club on Supply Chain Resilience – Office of the US Trade Representative, June 15, 2023
   USTR Ambassador Tai makes the case for a radically different US trade policy.

2. Peter Harrell’s Remarks at Georgetown University’s 44th Annual International Trade Update - Georgetown University Law School, June 13, 2023
   A candid assessment of current and future Biden administration trade policy from a former official.

3. Biden’s ‘radical’ new trade agenda – Gavin Bade, Politico, June 16, 2023
   Politico puts Ambassador Tai’s speech into context.

4. Putting the US Back in USTR – Rana Foroohar, Financial Times, June 16, 2023
   Does Biden’s trade policy hearken back to Reagan-era trade principles?

5. Why the World Still Needs Trade - Ngozi Okonjo-Iweala, Foreign Affairs, July/August 2023
   The WTO Director-General argues for countries to reconsider multilateral cooperation on trade.

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“De-risking” and Asian economies

ASEAN is stuck between the US and China, writes Lili Yan Ing in Project Syndicate, while Mary E. Lovely describes why breaking up is hard, in the Milken Institute Review. America is losing ground in Asian trade, per the Economist, despite a recent positive result from the Indo-Pacific Economic Framework, as discussed by the Center for Strategic and International Studies. Separately, the principal beneficiary of de-risking, Vietnam, is facing economic headwinds, argues Daniel Moss in Bloomberg.

Mentioned publications

1. ASEAN Between the US and China - Lili Yan Ing, Project Syndicate, June 15, 2023
   For ASEAN members, de-coupling is not an option.

2. Breaking Up Is Hard to Do - Mary E. Lovely, Milken Institute Review, April 21, 2023
   How successful are “friend-shoring” and “de-risking” policies when “friends” do not follow suit?

3. America is losing ground in Asian trade – The Economist, June 17, 2023
   RCEP has been more effective at creating a unified, effective market than expected.

4. Assessing IPEF’s New Supply Chains Agreement – Center for Strategic and International Studies, May 31, 2023
   How significant are IPEF’s first outcomes?

5. Why Trade Winner Vietnam Is Taking Some Blows – Daniel Moss Op-ed, Bloomberg, June 7, 2023
   Vietnam is exposed to both the peaks and troughs of international trade.

Mentioned publications from HF:

• Friend-shoring pharmaceutical supply chains: The road to India
• How India can realize its ambitions to become a great power
• Supply chains are trying to diversify. Will ASEAN step in?

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