The study found that European exports will grow by $70 billion, while Japan, Canada and Mexico will see exports increase by more than $20 billion each.
The trade war between the US and China is expected to boost the Indian economy with a rise of 3.5 per cent in exports while the EU will be the biggest winner, taking home $70 billion in additional trade, according to a UN study. Amid tit for tat tariff hikes between Washington and Beijing, trade is being diverted and a handful of countries will capture a slice of the giants’ exports, said the report by the UN Conference on Trade and Development (UNCTAD) on Monday.
“Substantial effects relative to the size of their exports are expected for Australia, Brazil, India, the Philippines, Pakistan and Vietnam,” it said. The report, titled “The Trade Wars: The Pain and the Gain”, said that “bilateral tariffs alter global competitiveness to the advantage of firms operating in countries not directly affected by them”.
