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Dangerous spiral: on global trade war

There will be no winner in the ongoing global trade war

The global trade war is hotting up as major economies (अर्थव्यवस्थाओं/अर्थव्यवस्था) continue to impose (लगाना/लागू देना/प्रभावडालना) tariffs (दर/दाम/मूल्य/क़ीमत) on each other. India is the latest to join the tit-for-tat battle by slapping (तेज़/शीघ्र/ऊंचा क़द का)tariffs as high as 50% on a list of 30 goods imported from the U.S. Earlier this week, U.S. President Donald Trump announced that he had ordered his administration (प्रशासन/प्रबंधन/शासन प्रबंध) to frame (ढांचा/निर्माण करना) new tariffs on $200-billion worth of Chinese imports. This was in retaliation (प्रतिशोध/बदला/प्रतिकार) to tariffs on $50- billion worth in American goods imposed by China last week in response to Mr. Trump’s earlier round of tariffs on Chinese goods. The first shot (लक्ष्यवेधी/गणना) in the spiralling (चढ़ती) trade war was fired by the U.S. in March when Mr. Trump unveiled (अनावरण किया/निरावरण) tariffs to discourage (हतोत्साह करना/हिम्मत तोड़नाthe import of steel and aluminium into the country. The latest round of tariffs imposed by the U.S. will be the highest in terms of the value of goods. In all, U.S. tariffs will now affect Chinese goods worth $450 billion — to put this in perspective (परिप्रेक्ष्य/संभावना/योजनास्वरूप), total Chinese imports into the U.S. last year were worth around $500 billion. The European Union also joined the trade war this month, imposing tariffs on $3.3 billion of American goods (माल/सामग्री/विक्रय का माल). While the India-U.S. tariff tiff (मनमुटाव) could escalate (गहरा बनाना/तीव्र करना/ख़राब करना), the amounts being discussed right now are minuscule (एक प्रकार का हस्तलेख/छोटा अक्षर या वर्ण) compared to those under threat (धमकी/ख़तरा) in the unfolding (खुलासा/प्रकट करना/फैलानाU.S.-China situation or even the spat (झगड़ा/मनमुटाव/विवाद करना)between the U.S. and the EU. India’s notification to the WTO says that U.S. tariffs on steel and aluminium would cost India $241 million, and that the tariffs imposed on the U.S. would bring in a commensurate (अनुरूप/सहगामी) amount. It has also indicated its preference (पसंद/तरजीह) to deal with the issue through dialogue, and not “measures (उपायों/उपाय कार्यवाही) and counter-measures (जवाबी उपायों)”.

For long, global financial markets largely ignored risks of an all-out trade war among major economies, but things are changing quickly. The Dow Jones Industrial Average fell by as much as 1.6% on Tuesday, while the Shenzhen Composite (संयुक्त/मिलाजुला) Index was down 5.8% for the day. This fresh round of volatility (अस्थिरता/परिवर्तनशीलता) suggests investors may be beginning to take threats of a trade war more seriously. The fact is that all sides engaged (व्यस्त/संलग्न) in a trade war eventually (अंत में/फलतः) lose. The longer it goes on, the greater the cost as growth slows down under the increasing burden (बोझ/भार) of taxes. The only gainers in a trade war will be special interest groups, such as the U.S. steel industry, which also happens to be a major vote bank for Mr. Trump. Even retaliatory (मुंहतोड़/प्रतिशोध का) tariffs aimed (उद्देश्य से) at pushing back the U.S. may only perpetuate (यादगार बनाना/स्थिर करनाthe vicious (शातिर/ख़राब/दुष्ट/दोषी) negative-sum game instead of bringing the war to an end. Mr. Trump’s rejection of the G-7 communique (शासकीय सूचना/सरकारी सूचनाthat endorsed (समर्थनकिया/अनुलेखितa “rules-based trading system” for the world suggests there may be no offer of truce from his side any time soon. Nevertheless (फिर भी/ऐसा होने पर भी/तथापि), global powers must try their best to bring an end to the ongoing (चल रही है)trade war before it gets out of hand.

Important Vocabulary

1. Impose (लगाना/लागू देना/प्रभाव डालना)
Synonyms: appoint,charge,order,force,compel,introduce
Antonyms: disorder,forget,displace,remove,prevent

2. Slapping (तेज़/शीघ्र/ऊंचा क़द का)
Synonyms: potch,slam,blow,strike,bust,percuss
Antonyms: lose,assist,praise,help,aid

3. Retaliation (प्रतिशोध/बदला/प्रतिकार)
Synonyms: punishment,reprisal,retribution,revenge
Antonyms: forgiveness,pardon,sympathy

4. Spiralling (चढ़ती)
Synonyms: alternate,succeed,swirl,twist,rotate,follow
Antonyms: dissuade,hold,stand,untwist,uncover,collect

5. Unveiled (अनावरण किया/निरावरण)
Synonyms: disclose,betray,display,open,discover,show,come out
Antonyms: conceal,hide,withhold,protect,secrete,cover

6. Tiff (मनमुटाव)
Synonyms: altercation,difference,quarrel,falling-out,bickering
Antonyms: agreement,peace,likeness,similarity,harmony,happiness

7. spat (झगड़ा/मनमुटाव/विवाद करना)
Synonyms: falling-out,disagreement,misunderstanding,conflict,altercation
Antonyms: agreement,concurrence,peace,calm,harmony,concord

8. Minuscule (एक प्रकार का हस्तलेख/छोटा अक्षर या वर्ण)
Synonyms: insignificant,small,unimportant,tiny,microscopic
Antonyms: big,enormous,huge,important,large

9. Commensurate (अनुरूप/सहगामी)
Synonyms: comparable,consistent,equal,equivalent,proportionate,sufficient
Antonyms: incompatible,unsuitable,inappropriate,unacceptable

10. Volatility (अस्थिरता/परिवर्तनशीलता) 
Synonyms: dryness,vaporization,vaporousness

11. Vicious (शातिर/ख़राब/दुष्ट/दोषी)
Synonyms: atrocious,dangerous,bad,depraved,monstrous,impure
Antonyms: calm,glorious,good,moral,friendly,pleasant

12. Perpetuate (यादगार बनाना/स्थिर करना)
Synonyms: maintain,continue,conserve,sustain,keep
Antonyms: discontinue,give up,halt,neglect,stop,prevent

13. Communique (शासकीय सूचना/सरकारी सूचना)
Synonyms: directive,memorandum,news,note,information
Antonyms: heedlessness,ignorance,neglect,silence

14. Escalate (गहरा बनाना/तीव्र करना/ख़राब करना)
Synonyms: expand,intensify,enlarge,magnify,step up
Antonyms: decline,decrease,diminish,halt,reduce,stop



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