Us Trade  

The Regional Comprehensive Economic Partnership or the RCEP is a trade agreement involving 16 countries that enables them to transact having minimum or no tariffs or duties related to the transaction.

Many firms have been doing their sums and looking for new locations to re-site their manufacturing operations as the US importers are finding it more expensive to procure products from China. However, India and Indonesia have not seen many relocations from China make its way into the countries
 

The Generalised System of Preference (GSP), implemented by the US since 1974, is the largest and oldest US trade preference scheme, and it allows duty-free imports for thousands of products from designated beneficiary countries.

The rupee opened to a decline by 42 paise to 72.08 against the US dollar. China's currency slid to its lowest point in over 11 years amid concerns over global recession and the US trade war.

Wang's comments came after the US Trade Representative announced Wednesday it was considering raising import duties on $200 billion of Chinese goods by 25% instead of the previously planned 10%