I would expect the BRICs to significantly trade with each other. China still needs a lot of natural resources. Your India-China bilateral trade example is a good, somewhat healthy trade relationship. However, one would presume India doesn't want to only provide natural resources and will want to move up the value chain. That's when the trade competition and tension comes to the forefront.Latest is that BRICS Nations account for 55% of the World's population and 45% of the GDP. This is set to expand due to the ridiculous tariffs imposed by the USA on all the Nations.
For a group of economies and populations of such scale to effectively be compelled to decouple from trading with the US will have substantial implications for the US dollar hegemony.
The US itself will need to adjust from loss of markets and loss of supplies. Like BRICS nations, the adjustment is likely to be variable across the complex US economic system. It is reasonable to assume that the US will also adjust for many standard items within 3-5 years, but for some categories of upstream inputs, capital equipment and even some finished goods, it could take up to a decade to find alternatives. Some of this adjustment will simply see Chinese firms expand into non-tariff impacted countries, while the US will also be driven to increase imports from Germany, Republic of Korea and Japan for capital equipment, machinery and electronics. In the first nine months of 2024, China's foreign trade with other BRICS countries reached $648 billion. Core inflation in the US could be impacted by 3-6%. The poorest in the US community will be hardest hit. Retirees and fixed income earners will also be hit by rising healthcare, drugs and utilities costs. Income inequality will worsen. Those promised that the American Dream will be restored are likely to be disappointed, again.
Not sure how your question is framed as it seems to be a riddle. Bilateral trade between India and China touched an all-time high of US$135.98 billion in 2022, while New Delhi’s trade deficit with Beijing crossed the US$100 billion mark for the first time. Despite frosty political relations, bilateral trade is currently steady. The main products that China exported are computers, smart phones, and semiconductors, while India exported iron ore, refined petroleum, and raw aluminium.
The only losers from these Trump Tariff-Freaks will be The USA when it relates to The BRICS Nations!!
The first major issue with all this BRICs fanfare (which you continually ignore) is who will absorb China's massive trade surplus that persists with the U.S? It's the biggest issue in any discussion of global trade. It is also key to the question of replacing dollar hegemony.
The second major issue is the U.S. cannot afford to run enormous deficits year after year with China which is essentially an adversary. Germany and other chronic trade surplus countries are also creating imbalances and strain.This is both an economic and strategic issue. Cheap goods are just not a good enough argument for the U.S. and global stability in the long-run. The status quo is unsustainable.
Now I suspect with all your very specific data included in your post, it's very likely you rearranged some things you cut and pasted from an article or two. The problem as I always have told you is that journalists aren't economists and they usually aren't strong with financial principles. However, they do want to write political commentary.
Really Beav, did you just figure out I am partisan? Do you realize the shit you read about economics is thinly-veiled opposition to Trump the political entity? Don't you think some of what you read is indirectly sponsored by industry groups and political groups that have special interests?Like you can comprehend "economics" based on your very partisan POV!!
For myself, I understood all the policies that Trump has made his agenda long, long before Trump came along. So why would I throw them out simply because Trump's not a terribly amicable politician.
No one is saying that there will instantaneous benefits to the U.S. It's been acknowledged that it would be a five year adjustment period. One of the more subtle messages the Trump Administration is sending out is that manufacturers who send manufacturing abroad can't expect the U.S. govt. to be their strong ally in dealing with unfair and intrusive foreign governments. That seems fair doesn't it. You take the risk, you accept the risk.