• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Sunday, January 29, 2023
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
TFIGlobal
No Result
View All Result

Russia has just started a trade war with China

Sanbeer Singh Ranhotra by Sanbeer Singh Ranhotra
July 4, 2021
in Indo-Pacific
Reading Time: 4 mins read
0
Russia trade war
20.5k
VIEWS
Share on FacebookShare on Twitter

Russia China Trade War

It was bound to happen. Tensions have been subliminally rising between Russia and China. The paper dragon has been trying to eat into Russia’s exclusive sphere of influence in Central Asia and even the Middle East, to an extent; apart from also making strategic moves to dominate the Arctic. That China staked claim over the Russian far east and Vladivostok last year has been engraved in the memory of President Vladimir Putin. Now, Putin has made his first real move which affects China. All this while Moscow had been indirectly undercutting China. The trade war is now out in the open between Russia and China.

Last year, Russia emerged as the biggest source of billet. A billet is a small, semi-finished piece of metal that is rectangular, circular, or square in shape. It is a semi-finished casting product that needs further processing before becoming a finished good. Now, Russia is all set to bring in export taxes on such semi-furnished steel products effective August this year. The base duty rate across all products covered by the duties will be 15 per cent, but with a specific minimum tariff for each metal. 

Also Read

Jamaica: The Best Hotspot for Pure Tropical Fun

All 13 Premiers of Canada give Trudeau a wakeup call

According to Fastmarkets, all Russian steel products for export outside of the Eurasian Economic Union (EAEU) with a bill of lading dated August 1 or later would be subject to the tax. Russia is a major exporter of steel billet, exporting millions of tonnes each year to Asian markets such as China, the Philippines and Indonesia. The taxes imposed on semi-furnished steel products will lead to a hike in their prices, no matter who bears the burden of paying those taxes. China cannot escape Russia’s steel onslaught. It has been pushed into a corner. 

So much for the “Russia-China axis of convenience”, that Moscow is hitting China when it is hurting the most, and that too, in a sector which is on the verge of collapse in China. The paper dragon’s steel industry is surviving on the edge. Soaring iron ore prices, coupled with the fact that Xi Jinping has imposed an embargo on Australian coal have ensured that China’s steel industries stop working. Now, to bring China to its knees, Russia has taken steps to raise the cost of billet. 

Russia is arming ASEAN nations

Russia has understood the ground realities. It knows China has grown an unending appetite for territorial expansion and world dominance. As a superpower right next to China, it has become unfeasible for Russia to put up the charade of ties between the two countries being strong and rosy, when in fact, they are not. 

Russia has many other friends to rely on. Moscow is expanding its influence and engagement in the Middle East and is earning quite a positive reputation for doing so among the Gulf states. In Africa too, Russia is deeply invested in developmental projects and peacekeeping.

When it comes to Southeast Asia, TFI had recently reported how Russia is arming ASEAN nations. The Russian Federation stands firm on the adherence to international law and UNCLOS while supporting the 2002 ASEAN-China Joint Declaration on the Conduct of Parties in the South China Sea. At the same time, it continues to supply weapons to countries in the region, which will ultimately be used in conflicts against China. 

Read more: Russia’s offer to Japan is quite simple, keep the US out and I shall be your friend

Russia and Japan Ties

When it comes to Russia and Japan, ties are stronger between the two nations than they have ever been. Despite differences, Russia is committing to trade partnerships with Japan. Russian Federation Minister of Economic Development Maxim Reshetnikov noted recently that the coronavirus pandemic has not hampered or will not hamper the economic cooperation between Russia and Japan. 

The Kuril Islands dispute – a legacy of the Second World War, has been at the root of cold relations between Moscow and Tokyo. The Suga administration in Japan had already signalled that it is ready to resolve the historical dispute.

Russia and Japan should not be fighting against each other over a decade-old dispute, rather they should be fighting together against a common enemy – China. Now, Russian President Vladimir Putin has also joined the chorus and signalled Moscow’s intent to bury the dispute and sign what could possibly be a landmark peace treaty between Japan and Russia. 

As far as Russia’s ties with India are concerned, they are at their strongest. While Russia stopped deliveries of the lethal S-400 anti-missile and air defence systems to China, it has fast-tracked the same for India, with the first trance of deliveries expected later this year. 

All in all, China is the loser. Russia has perhaps triggered what could blow out into an all-out trade war between Russia and China. 

ShareTweetSend
Previous Post

Russia-India on one side and China-Iran on the other: The new Afghanistan equation after USA’s withdrawal

Next Post

The UK watched with apathy as Hong Kong fell. Now it comes back to haunt it in Falkland Islands

Also Read

Is South-East Asia ready for the Chinese collapse?

Is South-East Asia ready for the Chinese collapse?

January 25, 2023
Finally! Jacinda Ardern has done something good for Kiwis

Finally! Jacinda Ardern has done something good for Kiwis

January 19, 2023
Ethiopia China imports

Post War Ethiopia should ensure its economic interest are not trampled upon

January 17, 2023
China Russia Allies,

China and Russia are anything but all-weather allies

January 16, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
Saudi Arabia Caribbean

Saudi Arabia expands its Caribbean foothold with an $80m gift

January 22, 2023
Did Ukraine use innocent civilians as human shield against Russia in the name of evacuation?

Did Ukraine use innocent civilians as human shield against Russia in the name of evacuation?

May 9, 2022
World Economic Forum

“Sex, sleaze, and drugs” is what WEF is all about

January 18, 2023
Cuba Ally

Cuba in Ukraine war is impossible! USA has gone bonkers in its desperation

January 24, 2023
Orwellian “Ministry of Truth” becomes a reality in Biden’s America

Orwellian “Ministry of Truth” becomes a reality in Biden’s America

April 28, 2022
Jamaica: The Best Hotspot for Pure Tropical Fun

Jamaica: The Best Hotspot for Pure Tropical Fun

January 29, 2023
All 13 Premiers of Canada give Trudeau a wakeup call

All 13 Premiers of Canada give Trudeau a wakeup call

January 29, 2023
Canada and Denmark threatened by Russia’s new move

Canada and Denmark threatened by Russia’s new move

January 29, 2023
Finland could now throw out Western Companies, so it decides to tax them instead

Finland could now throw out Western Companies, so it decides to tax them instead

January 29, 2023
Trudeau’s data manipulation skills leave Cuomo in the dust

Trudeau’s data manipulation skills leave Cuomo in the dust

January 29, 2023
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2023 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

©2023 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.