New Power Trio: India, China and Russia Set to Weaken US Trade Dominance

Business News:The two-day summit of the Shanghai Cooperation Organization (SCO) began in Tianjin City, China. Representatives from about 20 countries, including India, China, and Russia, participated in it. During this, Prime Minister Narendra Modi and Chinese President Xi Jinping also met. Jinping clearly said that friendship and partnership is the right path for both countries. Russian President Vladimir Putin was also present on this platform.

New way against Trump's tax

US President Donald Trump has imposed heavy taxes on goods from many countries, including India. India has to pay up to 50 percent duty on many goods. Experts say that this summit has given confidence to businessmen and investors. India will no longer depend on America and wait for exemption but will find new trade and investment opportunities in collaboration with neighboring countries. China and Russia are also ready to open their markets for India.

Strength of three countries

India, China, and Russia together form a large part of the world economy. According to reports, their total GDP is around $54 trillion, and foreign reserves are more than $ 4.7 trillion. The population of all three is more than 3 billion. Talking about military expenditure, this trio spends about one-fifth of the total defense budget of the world. China is ahead in production, Russia is strong in the energy sector, and India is growing rapidly in the service sector. If these three come together, then American dominance can be challenged.

America's importance also remains

However, the importance of America for India has not diminished. India's exports to America reached about $77.5 billion in 2024. The total trade between the two countries remained above $212 billion, which is about 8 percent more than last year. This shows that the US market is still a big support for India.

Challenges related to China-Russia

For India, alliance with China and Russia is beneficial as well as challenging. There are border disputes with China and concerns about Pakistan. In such a situation, this partnership on one hand provides relief from the pressure of America, but on the other hand also increases security risks. At present, this trio is pointing towards a new global equation, in which America's dominance may weaken.