TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
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
19k
VIEWS
Share on FacebookShare on Twitter
Become a Patron!

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

10 big lies that Biden told to start the Ukraine war

Biden’s ‘Ministry of Truth’ crumbles under its own weight

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

Japan is working on a counter offensive on Chinese bases

Japan is working on a counter offensive on Chinese bases

May 17, 2022
Li Keqiang could be the next President of China

Li Keqiang could be the next President of China

May 16, 2022
Chinese people have found a new tool to screw CCP with—GitHub

Chinese people have found a new tool to screw CCP with—GitHub

May 16, 2022
China decided to kick Russian companies out of Myanmar; got kicked out instead

China decided to kick Russian companies out of Myanmar; got kicked out instead

May 14, 2022
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
Europe to activate Nord Stream 2 gas pipeline very soon   

Europe to activate Nord Stream 2 gas pipeline very soon  

May 14, 2022
Qatar scraps its LNG deal with Germany at the last minute citing new conditions

Qatar scraps its LNG deal with Germany at the last minute citing new conditions

May 11, 2022
‘Slovakia’s food is for Slovakians,’ Slovakia’s trade restrictions leave EU fuming

‘Slovakia’s food is for Slovakians,’ Slovakia’s trade restrictions leave EU fuming

May 14, 2022
The Bill Gates connection behind the dire baby formula shortages in the US

The Bill Gates connection behind the dire baby formula shortages in the US

May 13, 2022
China makes the last-ditch effort to prevent its faulty weapons from getting exposed in Ukraine

China makes the last-ditch effort to prevent its faulty weapons from getting exposed in Ukraine

May 10, 2022
Europe to activate Nord Stream 2 gas pipeline very soon   

Europe to activate Nord Stream 2 gas pipeline very soon  

Iran on its way out of Lebanon as Christian party defeats terror outfit Hezbollah in elections

Iran on its way out of Lebanon as Christian party defeats terror outfit Hezbollah in elections

After debt-trapping Africa, China “ship-traps” the US

After debt-trapping Africa, China “ship-traps” the US

Turkey spoils the big NATO unification party

Turkey spoils the big NATO unification party

European Union comes up with a clever plan (to bypass its own sanctions on Russia)

European Union comes up with a clever plan (to bypass its own sanctions on Russia)

10 big lies that Biden told to start the Ukraine war

10 big lies that Biden told to start the Ukraine war

May 19, 2022
Biden’s ‘Ministry of Truth’ crumbles under its own weight

Biden’s ‘Ministry of Truth’ crumbles under its own weight

May 19, 2022
EU and Ukraine are fighting over wheat like mad mongrels

EU and Ukraine are fighting over wheat like mad mongrels

May 19, 2022
The US president is now an international wheat thief

The US president is now an international wheat thief

May 19, 2022
Meet the geopolitical wizards at the 2022 Cannes Film Festival

Meet the geopolitical wizards at the 2022 Cannes Film Festival

May 19, 2022
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2022 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Indo-Pacific
  • Americas
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa

©2022 - 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.