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Last week, the President of the United States, <keyword id="19919748" type="General" weightage="20" keywordseo="joe-biden" source="keywords">Joe Biden</keyword>, announced significant tariffs on a range of <keyword id="20139085" type="General" weightage="20" keywordseo="Chinese-products" source="keywords">Chinese products</keyword> to protect American workers from unfair trade practices. The targetted measures include a 100% tariff on <keyword id="6354973" type="General" weightage="20" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword>, a 50% tariff on semiconductors and solar cells, and a 25% tariffs on batteries, steel and aluminium products, some critical minerals, and essential health equipment like medical gloves, syringes and needles. In his address from the Rose Garden of the White House, Biden said America can continue to buy any kind of car they want, "but we're never going to allow China to unfairly control the market for these cars. Period." He claimed that the Chinese government has been investing state funds in various Chinese companies for years, spanning industries across the above-mentioned sectors. How does this brewing geopolitical <keyword id="20736760" type="General" weightage="20" keywordseo="trade-war" source="keywords">trade war</keyword> impact <keyword id="20742235" type="General" weightage="20" keywordseo="Indian-firms" source="keywords">Indian firms</keyword>? Experts say the impact could be in two ways, benefitting some sectors, while harming the few others. Let’s start with the bad news. <cmsannotation type="cmsannotation" annotationid="Threat to Indian firms" comment="subhead" text="Threat to Indian firms">Threat to Indian firms</cmsannotation> Beijing offers significant subsidies on most of these products, leading to surplus production that exceeds domestic and even regular export demand. Subsequently, Chinese companies are known to flood the global markets with surplus products at unreasonably low prices, forcing local manufacturers out of business in many countries, including <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. A prime example of this in practice can be found in the steel sector, where weak domestic demand is pushing the world’s largest steel producer China to offload surplus production into Indian markets at cheaper prices. Indian steel manufacturers are already struggling to compete with a glut of cheaper Chinese steel, with shipments nearly doubling year-on-year in the financial year ending March 2024. “India is already under grave threat of import because all major steel consuming economies are shutting their doors on these steel producing countries. We are highly vulnerable to surging and predatory import,” said Alok Sahay, secretary general of the Indian Steel Association, to Reuters. Global trade experts say that a majority of Chinese products are sold at unreasonably low prices in global markets because the companies in these sectors do not have to worry about profits. They are heavily subsidised by the Chinese government. <keyword id="20279291" type="General" weightage="20" keywordseo="Steel-Authority-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Steel Authority of India" meta.hostid="261" meta.entityid="Steel Authority of India">Steel Authority of India</keyword>’s (SAIL) chairman Amarendu Prakash also said that they are keenly watching Chinese imports after the US tariff increases. Additionally, China has been accused of employing anti-competitive strategies like compelling foreign companies to transfer their technology in order to operate in China. These factors have led to the US effectively shutting its door on several Chinese products through heightened tariffs, and other developed markets like Canada are also likely to follow suit. White House also emphasised that it continues to consult with its partners and allies who are facing similar threats from China’s unfair trade practices and are keen on taking action. If more and more global markets restrict entry of Chinese products, the risk of the majority of such products being dumped in neighbouring India increases drastically. Trying to block Chinese excess production "is like squeezing a balloon. It shrinks in one place and pops out in another," William Reinsch, a trade expert at the Center for Strategic and International Studies in Washington, tells Reuters. <cmsannotation type="cmsannotation" annotationid="An opportunity also arises" comment="subhead" text="An opportunity also arises">An opportunity also arises</cmsannotation> While some products risk being dumped into the Indian market, in a few other cases, Indian firms could benefit from fresh openings in the lucrative US market. "Of the products affected, India has opportunities in face masks, PPE, syringes &amp;needles, medical gloves, aluminium, iron, and steel. Opportunity may come in China also with retaliation, provided we have market access in products targeted by China," Ajay Sahai, Director General of the Federation of Indian Export Organisations (FIEO), told ANI. However, China is not likely to retaliate against the US tariffs at the moment, say experts, though the country’s Ministry of Commerce said it would take 'resolute measures to safeguard its own rights and interests' "China's economy is fragile. With household spending and the property market on the wane, manufacturing for export markets is one of its few bright spots. Beijing will not want to cut off its nose to spite its face. More broadly, China is desperately trying to encourage new foreign investment. Rash retaliatory action could spoil its case," Moody's Analytics explained in a recent report. Out of China's USD 420 billion exports to the US, only USD 18 billion is impacted due to the latest hike in tariffs — representing slightly over 4% and therefore considered marginal. But Sahai says that this market will continue to grow with time and provides an opportunity to India and other competitors to chip in the supply gap. Ajay Srivastava, the founder of the Global Trade Research Initiative (GTRI), also echoes Sahai’s opinions. He emphasised that the increased duties on Chinese face masks, syringes, needles, medical gloves, and natural graphite offer a substantial opportunity for India, as quoted by ANI. "By ramping up production and export of these in-demand products, India could enhance its trade footprint in the US market," he added. In terms of products like electric vehicles and semiconductors, India remains a net importer, and therefore, may not be in a position to capitalise right now. In the long term, however, as India begins semiconductor production at scale in 2025, there will be opportunities to export some of it to the US and other European countries, offering fresh impetus for domestic manufacturing. As the security risks associated with importing Chinese semiconductors prompts more and more trade barriers from the Western countries, demand for supply from India is likely to grow. Efforts are already underway for the establishment of four large semiconductor plants in India, with three located in Gujarat and one in Assam. Last fiscal year, Indian exports to the US dipped marginally by 1.32 per cent to $77.5 billion as against $78.54 billion in 2022-23. The new development now gives an unique opportunity to turn the tide over the next few years. Overall, some sectors like steel and aluminium do face a serious challenge due to the fresh US tariffs on Chinese products. However, the development will open new avenues for Western market entry and expansion for several other products. (With inputs from agencies)

US-China tariff war could benefit several sectors in India while harming a few others

<ul class="summary-list"><li>Mark Zuckerberg is one of only three people in the ultra-exclusive $200 billion club.</li><li>The Meta CEO has joined Elon Musk and Jeff Bezos after a $72 billion wealth surge this year.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg">Mark Zuckerberg</a> just joined a club that's even more exclusive than the <a target="_blank" class="" href="https://www.businessinsider.com/wealth-billionaires-musk-bezos-zuckerberg-net-worth-jensen-huang-waltoans-2024-8">$100 billion club</a>.Tesla CEO <a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a>, Amazon founder <a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-life-career-education">Jeff Bezos</a>, and now Meta's CEO are the only people on the planet with net worths of $200 billion or more, according to the Bloomberg Billionaires Index.Zuckerberg has made the cut following an <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-meta-net-worth-wealth-rich-list-musk-bezos-2024-9">unmatched $72 billion increase</a> in his wealth to $200 billion this year. That's been fueled by Meta stock <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/meta-stock-price-q4-earnings-reaction-wall-street-notes-zuckerberg-2024-2">soaring</a> almost 60% since the start of January to unprecedented highs of more than $560 a share.Bezos has rejoined the uber-exclusive group this year thanks to a $39 billion surge in his net worth to $216 billion. Amazon shares have jumped about 28% in 2024 to trade at near-record levels of over $190.Musk started the year with a $229 billion fortune, which has surged by $36 billion in under nine months to $265 billion at Monday's close.The only other person worth $200 billion at the beginning of this year was LVMH CEO <a target="_blank" class="" href="https://www.businessinsider.com/who-is-bernard-arnault-owner-louis-vuitton-lvmh-net-worth">Bernard Arnault</a>. However, shares of his luxury conglomerate have slid by almost 16% this year, slashing his estimated wealth <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-bernard-arnault-wealth-rich-list-billionaires-luxury-musk-bezos-2024-9">by $30 billion</a> to $177 billion.Arnault has tumbled into fifth place behind Oracle cofounder <a target="_blank" class="" href="https://www.businessinsider.com/larry-ellison">Larry Ellison</a>, who's added <a target="_blank" class="" href="https://www.businessinsider.com/larry-ellison-oracle-wealth-tesla-stock-billionaires-rich-list-ai-2024-9">north of $55 billion</a> to his fortune this year thanks to his company's stock leaping 57%. Both Arnault and Ellison are more than $20 billion away from $200 billion status, suggesting they won't join the club for a while yet.Musk, Bezos, Zuckerberg, and Ellison have all benefited greatly from the <a target="_blank" class="" href="https://www.businessinsider.com/ai-stock-picks-early-winners-highest-profit-growth-potential-moodys-2024-9">fervor</a> around artificial intelligence. Investors are betting heavily that <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> can harness AI to power its self-driving cars and humanoid robots; Amazon can use it to supercharge its cloud services and e-commerce profits; Meta can take social media and digital communication to the next level with it; and Oracle can make a fortune by renting out capacity in its AI data centers.The wider stock market has also received a boost this month from the Federal Reserve <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserve-interest-rate-cuts-mortgage-investment-credit-savings-2024-9">cutting interest rates for the first time</a> after hiking them from nearly zero to over 5% in under 18 months. Lower rates tend to boost economic growth by fueling more spending, hiring, and borrowing, and also buoy stocks by making safer assets like cash and bonds <a target="_blank" class="" href="https://www.businessinsider.com/economy-bad-good-news-stock-market-inflation-recession-fed-2024-3">less appealing to investors</a>.

Mark Zuckerberg is now worth $200 billion, putting the Meta CEO in the world's most exclusive club

<ul><li>India has reportedly decided to not participate in the e-commerce discussions with the World Trade Organisation (WTO) scheduled to begin in March. </li><li>India is concerned about the proposed custom duties of electronic transmissions. </li><li>India’s own draft e-commerce policy that was released on Saturday could help strengthen the opposition against the WTO’s e-commerce rules.</li></ul>India won’t be participating in the World Trade Organization (WTO) talks on e-commerce next month because of concerns over unfair market access to foreign players. India also just came out with its own draft of the e-commerce policy on Saturday, but its main concern with WTO is the proposed custom duties on electronic transmissions. A commerce department official <a href="https://www.business-standard.com/article/economy-policy/india-refuses-to-join-e-commerce-talks-at-wto-says-rules-to-hurt-country-119022500014_1.html">told</a> Business Standard, “WTO rules come into effect for all 164 members and need to be ratified by each, but for the first time a major decision has been taken without complete consensus among member nations. We will not encourage a multilateral platform to run, based on the interests of a few nations. Our policy will deal with concerns such as cross-border data flow.” Most global e-commerce players haven’t been too subtle about the fact that India is a ‘strategic market’ for them. India claims the new rules put forth by the WTO could provide unfair market access to foreign companies, something they’ve been working hard to deter despite opening the Foreign Direct Investment (FDI) pipelines. Tax on tax The draft e-commerce policy that the Indian government put out on Saturday favours not imposing any customs duties on electronic transmissions — basically any type of digital trade — which is in contradiction to the WTO’s e-commerce policy. 
 
 
 
 
 <div type="ExtQuote" text="“With increasing digitisation, more and more products such as books, music, films, video games, etc. are being traded electronically. By agreeing to the permanent moratorium, countries with tariff schedules, which allow putting duties on these kinds of products, will give up these rights and lose revenues.”" auname="India’s draft e-commerce policy"></div>









 Even developed nations like the US have called for “non-discrimination in treatment of digital products” since it is “at the core of the digital trading system.” Other developed nations likes the Singapore and South Korea are also propagating that custom duties should not be imposed on the transaction of digital products. On the other hand, China is in favour of the deal, according to officials. They told Business Standard that Alibaba, the Chinese multinational conglomerate, has partnered with the WTO and the World Economic Forum (WEF) to create an Electronic World Trade Platform (eWTP). While data is at the heart of India’s new e-commerce, it can help India’s cause at the WTO by strengthening the opposition. See also: <a href="https://www.businessinsider.in/amazon-india-finds-way-around-new-e-commerce-rules-for-cloudtail-and-appario/articleshow/67831376.cms">Amazon may have found a way around India’s new e-commerce rules</a> <a href="https://www.businessinsider.in/e-commerce-wars-amazons-jeff-bezos-vs-mukesh-ambani-in-india/articleshow/67620116.cms">Amazon's newest challenger may be the richest man in Asia</a> <a href="https://www.businessinsider.in/amazon-walmart-owned-flipkart-set-back-by-new-e-commerce-rules-that-help-mukesh-ambanis-reliance-retail/articleshow/67751026.cms">Mukesh Ambani may be the surprise winner from India's new rules hurting Amazon and Walmart</a>

India decides to opt-out of WTO e-commerce talks over digital tax concerns: Report

India's merchandise <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> slipped by 2.83 per cent to USD 33.90 billion in November while the <keyword id="113688" type="General" weightage="20" keywordseo="trade-deficit" source="Orion">trade deficit</keyword> narrowed to USD 20.58 billion, according to government data. <keyword id="35091" type="General" weightage="20" keywordseo="imports" source="Orion">Imports</keyword> also fell by 4.33 per cent to USD 54.48 billion in November, the data released by the commerce ministry on Friday showed. Cumulatively, the country's merchandise exports in April-November FY2023-24 contracted by 6.51 per cent to USD 278.8 billion. Imports were also down by 8.67 per cent to USD 445.15 billion in the eight-month period due to a fall in <keyword id="522549" type="General" weightage="20" keywordseo="oil-imports" source="Orion">oil imports</keyword>. Oil imports dipped to USD 113.65 billion as against USD 139.29 billion in April-November 2022-23. The trade deficit - difference between imports and exports - during the eight-month period was USD 166.35 billion against USD 189.21 billion in the corresponding period last year. Briefing reporters here, Commerce Secretary Sunil Barthwal said that given the global situation, India's export numbers are good. All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, <keyword id="44517" type="General" weightage="20" keywordseo="gems" source="Orion">gems</keyword> and jewellery, chemicals, garments, and engineering goods. Sectors which registered positive growth include electronics, iron ore, and pharma. The other import segments whose inbound shipments are contracted include coal, coke; pearls, precious and semi-precious stones; and fertiliser. However, gold imports increased by 21 per cent to USD 32.93 billion. Electronic goods' imports have risen to USD 57.83 billion during April-November 2023-24 against USD 51.89 billion in the same period last year. The gold imports in November rose by 6.24 per cent to USD 3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to USD 14.93 billion. Barthwal said the global trade is suffering but, "we are holding the fort". He added that GDP growth of many countries are "not so high", interest rate regime is not softening, global conflicts are aggravating, irrespective of these issues, "we are doing well". Exports in October had grew by 6.21 per cent. According to the data, the estimated value of services export for November is USD 28.69 billion, as compared to USD 26.93 billion in November 2022. During the eight-month period, these exports stood at USD 220.66 billion as compared to USD 208.30 billion in April-November 2022. The World Trade Organisation (WTO) has forecast that global trade will grow only by 0.8 per cent in 2023. According to UNCTAD report, global trade expected to shrink by nearly 5 per cent in 2023 amid geopolitical strains and shifting trade patterns.

India's exports dip 2.83% to $33.9 bn in Nov; trade deficit narrows to $20.58 bn: Govt data

<ul><li><keyword id="35621" type="General" weightage="20" keywordseo="e-commerce" source="Orion">E-commerce</keyword> platform <keyword id="541988" type="General" weightage="20" keywordseo="snapdeal" source="Orion">Snapdeal</keyword> made its debut on the government-led <keyword id="3415669" type="General" weightage="80" keywordseo="open-network" source="Orion">Open Network</keyword> for Digital Commerce (<keyword id="5862596" type="General" weightage="100" keywordseo="ondc" source="Orion">ONDC</keyword>) on July 19. </li><li>An initiative by the Department for Promotion of Industry and Internal Trade (DPIIT), <keyword id="14523575" type="General" weightage="20" keywordseo="ondc-aims" source="Orion">ONDC aims</keyword> to support micro, small and medium enterprises (MSMEs) and small traders and help them get on to online platforms. </li><li>ONDC is a UPI of e-commerce that seeks to democratize virtual commerce, shifting it from a platform-centric model to an open-network.</li></ul>With the launch of Unified Payments Interface (UPI), the Indian government brought all virtual banking and payments under one roof. The government is now pulling off a similar feat in yet another walled garden, the e-commerce category, with the launch of Open Network for Digital Commerce (ONDC). ONDC aims to democratize virtual commerce by bringing all platforms under one open network. It would create a new, equal-level playing field for the e-commerce landscape, which is currently dominated by international players Amazon and Flipkart. Open Network goes beyond the current platform-centric model where the buyer and seller must be part of the same platform/ application to enable transactions between them. By moving away from platform-centric models to an open network, ONDC intends to stop digital monopolies. Currently, Amazon and Flipkart have end-to-end control over the entire e-commerce ecosystem which includes seller onboarding, customer acquisition, order fulfillment, payment, returns and complaint redressal. Imagine a platform that not only shows products from Amazon, Flipkart and Meesho under one umbrella, but also from all your local kirana stores. That’s exactly what the open network intends to do. You would be able to compare the prices of Amazon finds and product specifications of Flipkart finds through one application. Courtesy: ONDC, Ministry of Commerce It will unbundle the supply chain, shifting the power from the likes of Amazon and Flipkart to consumers, merchants, and providers of support services. With an open network, smaller players will also have access to Amazon or Flipkart controlled data. ONDC, therefore, aims to support MSMEs and small traders and help them get on online platforms. Snapdeal is the first e-commerce platform to get on the open network. E-comm platforms Dunzo and Ekart have also partnered with ONDC. How does ONDC work? Not only will the open network enable smoother transactions and online buying experience for consumers, it would also digitize the entire value chain and improve efficiencies in logistics for sellers. Small merchants will be able to skip separate lists of mandates and commissions for every platform they join. With ONDC, retailers will have access to processes and technologies that are deployed by e-commerce giants such as Amazon and Flipkart. It would also mean better discoverability for all retailers and enhance transparency in pricing. Silos will be broken down and an open list with delivery partners, aggregators, customers, restaurants, and logistic providers will be put together. According to the government, “ONDC will ensure confidentiality and privacy of data in the network. ONDC shall not mandate sharing of any transaction-level data by participants with ONDC. Will work with its participants to publish anonymized aggregate metrics on network performance without compromising on confidentiality and privacy.” When was ONDC announced? An initiative by the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC would enable both sellers and buyers to be digitally visible and transact through an open network, regardless of what platform or application they use. The initiative was announced by a nine-member advisory council that included Infosys co-founder and chairman Nandan Nilekani, National Health Authority CEO R S Sharma, QCI Chairman Adil Zainulbhai, National Payments Corporation of India CEO Dilip Asbe and others. As per DPIIT, ONDC “...aims at promoting open networks developed on open-sourced methodology, using open specifications and open network protocols, independent on any specific platform. ONDC is expected to digitize the entire value chain, standardize operations, promote inclusion of suppliers, derive efficiency in logistics, and enhance value for consumers.” The open network is not just for retail transactions, it is also for food, delivery, travel, hotel booking, and more, which would potentially challenge the dominance of all large e-commerce players. As more small traders and retailers accept the online world, ONDC plans to increase e-commerce <a href="https://www.medianama.com/wp-content/uploads/2022/03/ONDCStrategyPaper.pdf">penetration </a>to 25% of all consumer purchases in the next two years, up from about 8% presently. Within the next five years, it expects to sign up 900 million buyers and 1.2 million sellers on the shared network, with a gross merchandise value of $48 billion. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/a-19th-century-shivaji-ii-painting-18th-century-tamil-bible-traced-to-us/articleshow/93044032.cms">A 19th-century Shivaji II painting, 18th century Tamil Bible traced to US</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/india-vs-west-indies-heres-the-entire-schedule-for-the-upcoming-odi-t20i-series/slidelist/93024475.cms">India vs West Indies: Here’s the entire schedule</a>

Snapdeal is now available on ONDC, here’s all you need to know about the network

<ul class="summary-list"><li>In April, US Customs seized 460 fake Rolexes that were heading for a Brooklyn address.</li><li>Last year, US Customs seized 27,107 shipments of pirated goods valuing over $3.3 billion.</li></ul>In April, US Customs and Border Protection (CBP) in Indianapolis seized 460 fake Rolex <keyword id="12290763" type="UNKNOWN" weightage="60" keywordseo="watches" source="Orion">watches</keyword> that had been imported from Hong Kong.The shipment was addressed to a residence in Brooklyn, according to a <a href="https://www.cbp.gov/newsroom/local-media-release/48-hours-460-counterfeit-rolex-watches-101-million">statement released by CBP</a> on May 2. The Rolex watches would have been worth $10.1 million had they been real. Officers picked out the shipment as they recognized the details of the sender, who has a history of fraudulent activity, CBP said.CBP said it will hand over investigations to Homeland Security and inform authorities in the sender's country of the seizure. Steven Bansbach, a spokesperson for US Customs and Border Protection Public Affairs, told Insider it's difficult to track and prosecute counterfeiters even if they've been identified.The CBP regularly seizes counterfeit luxury goods. In 2021, it confiscated 27,107 shipments of pirated goods that would have been worth more than $3.3 billion if the products were genuine, Bansbach said. The total amount of counterfeit goods seized annually rose by 152% in 2021.<div type="image" title="Rolex watches" height="3560" width="4746" msid="91610913" hostid="261"></div>Watches and jewelry were the top products seized based on the value in 2021, amounting to $1.18 billion, Bansbach said. Handbags and wallets came in second, with the estimated value of confiscated shipments exceeding $972 million. The majority of these shipments come from <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword>, the world's<a href="https://www.scmp.com/economy/china-economy/article/3167683/china-hits-back-irresponsible-us-report-labelling-it-top"> largest producer of fake goods.</a>The rise of ecommerce has made it increasingly difficult to clamp down on counterfeit trading, since<a href="https://rouse.com/insights/news/2022/notorious-markets-and-counterfeit-goods-on-e-commerce-marketplaces-in-asia"> merchants do not face a strict vetting process</a> when setting up an online store.To clean up its reputation as a producer of high-grade <keyword id="13953854" type="UNKNOWN" weightage="60" keywordseo="counterfeit-products" source="Orion">counterfeit products</keyword>, China passed a <a href="https://www.loc.gov/item/global-legal-monitor/2018-11-21/china-e-commerce-law-passed/">law</a> in 2019 that makes ecommerce operators liable if merchants sell copycat goods on their platforms, and face fines of up to 2 million yuan (US$290,000) if they do not remove disreputable merchants when notified by authorities. <div type="image" title="Luxury bags in China" height="3807" width="5076" msid="91610914" hostid="261"></div>However, the increased scrutiny on counterfeit production in China has not deterred copycat manufacturers."Sometimes better quality components are found in copies than in originals, when brands supply themselves in China," Thierry Dubois, CEO of Selective Trademark Union, told <a href="https://www.europastar.com/the-watch-files/watchmaking-in-china/1004091677-in-the-labyrinth-of-counterfeit-watches.html">Europa Star</a> in January 2020. Selective Trademark Union is an organization that protects the interests of luxury brands and cooperates with local authorities in field investigations to flag counterfeit products.As a result, younger generations in China buy the latest editions from stores to avoid accidentally purchasing fakes, Nicole Li, a China-based marketer for a luxury brand, told Insider. "We tend to follow specific brands too, and it's easy for us to figure out if it's a fake," Li said.China also offers masterclasses where students learn how to detect fake luxury products. In the case of Chanel, the lining of their black handbags must be pink, and two alphabets in the brand's authenticity cards will light up under a special ultraviolet light. Certain letters in the Chanel logo also use a rectangle font instead of a square font, per the <a href="https://www.scmp.com/news/china/article/3131939/luxury-goods-chinese-students-taught-how-spot-real-fake">South China Morning Post</a>.

US Customs seized 460 counterfeit Rolex watches that would have been worth a collective $10.1 million if they were real

Four top Republican <keyword id="78619" type="COMPANY" weightage="20" keywordseo="Senators">senators</keyword> on Friday urged US President <keyword id="99719" type="PERSON" weightage="20" keywordseo="Joe-Biden">Joe Biden</keyword> not to accept a proposal by India and South Africa to the <keyword id="84934" type="COMPANY" weightage="20" keywordseo="World-Trade-Organisation">World Trade Organisation</keyword> to waive anti-Covid vaccine patents to boost its supply. India, South Africa and <keyword id="2386915" type="PERSON" weightage="20" keywordseo="other-countries">other countries</keyword> are presenting a proposal at the World Trade Organisation to waive all <keyword id="80726" type="PERSON" weightage="20" keywordseo="Intellectual-Property-Rights">intellectual property rights</keyword> for any innovation related to COVID-19," the group of four Republican senators wrote in a letter to Biden. The proponents of this scheme argue that if we just destroy the intellectual property developed by American companies, we will suddenly have more manufacturers producing COVID-19 <keyword id="79555" type="TECHNOLOGY" weightage="20" keywordseo="Vaccines">vaccines</keyword>, they said. In the letter, Senators Mike Lee, <keyword id="2309726" type="PERSON" weightage="20" keywordseo="Tom-Cotton">Tom Cotton</keyword>, Joni Ernst and Todd Young urged Biden to reject the upcoming proposal at the WTO. But the opposite is true. By destroying the intellectual property of every American company that has worked on COVID-19 vaccines and treatments, we would be ending the progress -- started under Operation Warp Speed -- that led to the fastest development of life-saving vaccines in history," the Senators wrote. They alleged that some countries believe that they would benefit from seizing America's intellectual property. But this is a mistake, they said. Waiving all rights to intellectual property would end the innovation pipeline and stop the development of new vaccines or boosters to address variants in the virus. It also wouldn't increase the supply of vaccines because of the tremendous time and resources needed to build new manufacturing plants and acquire the knowhow to produce these complex medicines, they said. Even if the waiver may temporarily result in a few copycats attempting to produce what American companies developed, it would introduce major quality control problems, the Senators said. As a global leader and a force for good, we can do a lot to help other countries overcome the virus. But destroying our rights to intellectual property wouldn't advance our mission of fighting the virus -- it would make the problem worse, for America and for the world, they wrote. The end of this pandemic is in sight. More than 50 million Americans have been vaccinated, and cases have declined by more than 75 percent from their recent high. We stand ready to work with you to bring an end to this deadly crisis and urge you to take a strong stand against this scheme that would halt our progress, the Senators said. In a statement, the US Chamber of Commerce's Global Innovation Policy Centre (GIPC) senior Vice president Patrick Kilbride said the proposals to waive intellectual property rights are misguided and a distraction from the real work of reinforcing supply chains and assisting countries to procure, distribute and administer vaccines to billions of the world's citizens. Diminishing intellectual property rights would make it more difficult to quickly develop and distribute vaccines or treatments in the future pandemics the world will face, he said. Early this week, hundreds of American civil society organizations and three top Congressmen urged Biden not to block the waiver to COVID-19 vaccines at the World Trade Organisation, a move they said would boost the treatment of coronavirus patients worldwide. The COVID-19 pandemic knows no borders and the need for vaccine development and dissemination across the globe is critically important. The TRIPS waiver raised by India and South Africa at the WTO would help the global community move forward in defeating the scourge of COVID-19 by making diagnostics, treatments, and vaccines available in developing countries, Congressman Rosa DeLauro, chairman of the House Appropriations Committee told reporters at a news conference. The WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) requires countries to provide lengthy monopoly protections for medicines, tests and technologies used to produce them. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apple-find-my-stalking-airtags-item-safety-alerts/articleshow/81342449.cms">Apple’s new Find My feature updated to prevent stalking as launch of the rumoured AirTags nears</a> <a href="https://www.businessinsider.in/tech/news/regulating-digital-news-is-important-but-freedom-of-press-is-precious/articleshow/81341289.cms">OPINION: Regulating digital news is important but freedom of press is precious</a> <a href="https://www.businessinsider.in/stock-market/news/heranba-industries-ipo-makes-a-bumper-debut-on-stock-exchanges/articleshow/81342578.cms?upcaceh=2">Heranba Industries makes a bumper debut on stock exchanges — shares soar 44% over the issue price band</a> <a href="https://www.businessinsider.in/finance/banks/news/ignore-low-cibil-score-for-street-vendor-loans-work-on-holidays-and-other-diktats-from-indian-government-to-banks-rushing-to-meet-march-target/articleshow/81223572.cms">EXCLUSIVE: Bankers may be working all 31 days of March with the government looking to double the loans doled out under the PM SVANidhi scheme</a>

Republican senators urge Biden not to accept India and South Africa proposal to WTO to waive COVID-19 vaccine patents

<ul><li>The US Trade Representative has called out e-commerce website <keyword id="381854" type="General" weightage="20" keywordseo="indiamart" source="Orion">IndiaMART</keyword> for selling ‘counterfeit goods’ on its platform.</li><li>The issue of fake products is not very surprising, as in the past India’s drug regulator had issued notices to e-commerce companies like Amazon, Flipkart and IndiaMART for the same.</li><li>IndiaMART’s stock has also disappointed investors by not rewarding any returns in the last one year.</li></ul>It is not everyday that an Indian multi-billion dollar e-commerce platform gets openly accused of selling ‘counterfeit goods’ on its platform, that too by the US Trade Representative (USTR). But it just happened with IndiaMART. IndiaMART, a publicly listed e-commerce website and mobile app that connects buyers with suppliers, describes itself as the world's second largest online business-to-business market. The US Trade Representative on Thursday came out with a report ‘2021 Review of Notorious Markets for Counterfeiting and Piracy’ in which it identified 42 online and 35 physical markets around the world that offer counterfeiting products or copyright piracy. The report called out four offline Indian markets too -- Heera Panna in Mumbai, Kidderpore in Kolkata, Tank Road in Delhi and Palika Bazaar in Delhi. It is said that duplicate goods can allegedly be found in large volumes on IndiaMART, including counterfeit pharmaceuticals, electronics, and apparel. However, this is not a shocking allegation for the company as in the past India’s drug regulator<a href="https://www.newindianexpress.com/nation/2018/oct/23/drug-regulator-issues-notice-to-amazon-flipkart-for-alleged-sale-of-spurious-cosmetics-1889048.html"> has issued notices to e-commerce companies </a>like Amazon, Flipkart and IndiaMART for selling counterfeit products. Apparently, IndiaMART has a notice-and-takedown system, but users say that it is burdensome to use and the process to remove the product is slow, as per the USTR report. “The status of notices is not transparently communicated to right holders,” said the report. Business Insider has sent an email to IndiaMART seeking comments on the report, but did not elicit any response till the time of publication. Meanwhile, the company’s stock has also disappointed investors by not giving any returns in the last one year as the stock slumped 44%. <div type="image" title="indiamart share" height="900" width="1200" msid="89658778" hostid="261"></div> In the latest October to December quarter, the company reported a 12% year-on-year decline in its net profit at ₹702 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/bitcoin-miners-are-selling-their-holdings-while-being-caught-between-falling-prices-and-rising-difficulty/articleshow/89655546.cms">Bitcoin miners are selling their holdings while being caught between falling prices and rising difficulty</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nestle-india-reliance-industries-airtel-vodafone-idea-and-other-hot-stocks-on-february-18/slidelist/89653784.cms">Nestle India, Reliance Industries, Airtel, Vodafone Idea and other hot stocks on February 18</a>

Billion dollar ecommerce firm IndiaMART called out for selling fake goods

<ul class="summary-list"><li><a href="https://www.nytimes.com/2021/08/17/technology/amazon-walmart.html">The New York Times</a> has declared that <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> has overtaken <keyword id="80487" type="COMPANY" weightage="60" keywordseo="walmart">Walmart</keyword> in sales.</li><li>History indicates that Amazon's huge size could attract more antitrust scrutiny. </li><li>Still, most industry observers have pegged this milestone as a long time coming for Amazon.</li></ul>Amazon is now bigger than Walmart, according to data collected by the <a href="https://www.nytimes.com/2021/08/17/technology/amazon-walmart.html">New York Times'</a> Karen Weise and Michael Corkery.Consumers spent $610 billion at Amazon from June 2020 to June 2021, according to estimates from financial research firm FactSet cited by the Times. In that same time frame, shoppers dropped $566 billion at Walmart.Analysts have long predicted that Amazon would surpass Walmart in terms of sales. JP Morgan is betting that Amazon will finally overtake Walmart's US sales next year, the Times noted. But by shifting <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword> sales online, the pandemic seems to have expedited Amazon's trajectory.Amazon and Walmart did not immediately respond to Insider's request for comment.Amazon has long downplayed its stature. In his 2020 testimony to Congress, Amazon founder Jeff Bezos cited Walmart as being double the size of his digital retailer. Insider's Dennis Green previously <a href="https://www.businessinsider.com/amazon-not-small-part-retail-like-claims-oped-2019-5">reported</a> that the online giant has minimized its role in the retail ecosystem, saying that it is "only responsible for 4% of US retail sales."Read more: <a href="https://www.businessinsider.com/amazon-walmart-online-seller-fees-cut-merchants-profits-third-party-2021-5">Amazon takes considerably more money from sellers in fees than Walmart. Third-party users say it's better anyway.</a>By surpassing Walmart in sales, the Seattle-based company could become more vulnerable to antitrust measures than ever. Washington DC's attorney general <a href="https://www.businessinsider.com/amazon-files-ftc-request-chief-lina-khan-removed-antitrust-2021-6">Karl Racine</a> is currently suing Amazon, alleging that it's a monopoly that controls the price of goods online. Lina Kahn, the new head of the Federal Trade Commission, wrote a 2017 <a href="https://www.businessinsider.com/amazon-files-ftc-request-chief-lina-khan-removed-antitrust-2021-6">paper</a> on how current antitrust laws are too outdated to be able to deal with Amazon.Minus any rumbles around antitrust trouble, Amazon has been unstoppable in terms of its growth trajectory for some time. Faisal Masud, the CEO of <keyword id="35621" type="PERSON" weightage="60" keywordseo="e-commerce">e-commerce</keyword> upstart Fabric, previously worked at Amazon during the company's "underdog growth years" from 2002 to 2011. He credited Amazon's third-party sales dominance, its subscription model Amazon Prime, and its last-mile logistical capabilities with helping to cement its rapid growth."I just don't see a path for Walmart to catch up," Masud said.Masud said that instead of chasing Amazon with Prime-focused measures like Walmart Plus, the retailer should learn from brick-and-mortar rival Target and "pick their own winners.""They have a great grocery business, a great pharmacy initiative," he said. "Walmart Plus is a distraction. They don't have a FC network to be able to compete with the Amazons of the world. Target's done a much better job - their Shipt acquisition has been phenomenal."Moody's Vice President Charlie O'Shea said in a statement to Insider that Walmart "remains one of the premier global retailers by any yardstick." "Walmart's forecast of $75 billion [in online sales] worldwide for 2021 represents continued momentum," O'Shea said.

Amazon just dethroned Walmart, making it harder for the tech giant to hide behind Walmart's enormous size

<ul><li>The boost to online retail seen through the pandemic could become a lasting boon for <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword>, <keyword id="1562460" type="COMPANY" weightage="60" keywordseo="Canaccord-Genuity">Canaccord Genuity</keyword> said Tuesday.</li><li>Canaccord analysts lifted their price target to $4,100 in a note, implying a 21% leap from Tuesday's closing level.</li><li>The team expects deliveries to remain elevated through reopenings and for <keyword id="291131" type="ORGANIZATION" weightage="60" keywordseo="AWS">AWS</keyword> ad revenue to bounce back.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingestgest">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>The coronavirus drove a massive influx of consumer spending to <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>. That boost could very well outlive the pandemic and help shares charge higher still, analysts at Canaccord Genuity said Tuesday.The team led by Michael Graham lifted their price target for <keyword id="2040056" type="PERSON" weightage="60" keywordseo="Amazon-stock">Amazon stock</keyword> to $4,100 from $3,800, reflecting expectations for a 21% climb from Tuesday's closing level. The move comes after the <keyword id="35621" type="PERSON" weightage="60" keywordseo="e-commerce">e-commerce</keyword> giant reported fourth-quarter figures that beat estimates for profit and revenue. Quarterly sales grew 44% and passed $100 billion for the first time ever.The company also announced that founder <keyword id="191583" type="PERSON" weightage="60" keywordseo="Jeff-Bezos">Jeff Bezos</keyword> will be replaced by AWS CEO <keyword id="742297" type="PERSON" weightage="60" keywordseo="Andy-Jassy">Andy Jassy</keyword> as Amazon's chief executive. Bezos will guide Amazon's long-term strategy as executive chairman.The rosy earnings data suggests Amazon's popularity through the pandemic has a "good chance" of being permanently ingrained in consumer spending trends after stores reopen and the economy recovers, the analysts said in a note to clients. Comparables in the new year will be difficult to overcome, but a "new era" of leadership and "ongoing secular tailwinds" should bolster performance, they added.Read more: <a href="https://www.businessinsider.com/gamestop-wallstreetbets-reddit-trader-mania-populist-movement-occupy-wall-street-2021-1">The GameStop mania driven by Reddit traders isn't simple market trolling. It's a populist movement threatening to disrupt the financial system to a degree Occupy Wall Street only dreamed of.</a>Canaccord maintained a "buy" rating on Amazon. The company fluctuated in Wednesday trading and sits about 3% higher year-to-date.Apart from a stronger retail business, Amazon's cloud computing arm is also expected to improve in 2021. AWS secured commitments from JPMorgan, Thomson Reuters, and Twitter in the fourth quarter, and ended the period with 28% revenue growth. The business's strong growth should pay dividends through the recovery as ad spending bounces back and its new deep-learning model improves ad targeting, Canaccord said.To be sure, the company still faces its fair share of headwinds. Amazon guided for $2 billion in COVID-19 related expenses in the first quarter, down from twice as much in the previous three-month period. The company also guided for operating income of $3 billion to $6.5 billion in the first quarter, mostly falling below the consensus estimate of $6 billion.Amazon traded at $3,358.73 per share as of 2:40 p.m. ET Wednesday. The company has 70 "buy" ratings from analysts with a median price target of $3,316.23.Read more: <a href="https://www.businessinsider.com/stock-market-outlook-inflation-how-to-position-what-to-expect-2021-2" target="_blank" rel="noopener">Biden's stimulus plan is heightening Wall Street's worries that inflation will upend the stock market. We spoke to 4 experts on what the raging debate means for investors, and how to take advantage of it.</a><a href="https://markets.businessinsider.com/stocks/amzn-stock"><div type="image" title="AMZN" height="1104" width="1414" msid="80678149" hostid="261"></div></a>

Amazon will surge 21% as deliveries stay elevated in a post-pandemic world, Canaccord says

<ul><li>The government rolled out the Consumer Protection (<keyword id="35621" type="PERSON" weightage="20" keywordseo="e-commerce">E-Commerce</keyword>) Rules of 2020, two weeks ago.</li><li><keyword id="46130" type="COMPANY" weightage="20" keywordseo="IAS">IAS</keyword> Aruna Sharma highlighted that the e-commerce platforms should not be treated so differently, as retailers follow similar practices too.</li><li>While the retailers are celebrating the regulation at the moment, this may be going to do more harm to them as e-commerce liberalised trade.</li></ul> The government of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> updated its draft e-commerce policy earlier last week, in an attempt to create a level playing field for small retailers that still operate, majorly, out of brick-and-mortar stores. The amendment has been lauded by several traders and associations like the Confederation of All India Traders (<keyword id="853920" type="ORGANIZATION" weightage="20" keywordseo="CAIT">CAIT</keyword>), but industry experts fear that the policy may not be in their best interest. In a recent webinar conducted by public-policy think-tank ‘The Dialogue’ on the “Draft <keyword id="7222389" type="UNKNOWN" weightage="20" keywordseo="e-commerce-rules">e-commerce rules</keyword> and its impact on the industry”, industry experts highlighted that the ecommerce industry and the <keyword id="6354851" type="UNKNOWN" weightage="20" keywordseo="retail">retail</keyword> industry will have to coexist, not only in the best interest for the end customers, but for themselves. <keyword id="1168444" type="PERSON" weightage="20" keywordseo="Deepak-Shetty">Deepak Shetty</keyword>, director of software solutions firm Zed-Axis Technologies, highlighted that the Indian micro, small and medium enterprises (MSMEs) are reaching out to the <a href="https://www.businessinsider.in/business/startups/news/new-technology-is-putting-conventional-jobs-out-of-business-msme-exchange-panelists-highlight-on-how-it-helps-in-the-long-run/articleshow/84013275.cms">global market </a>these days and it would not have been possible without ecommerce platforms. “I [from the perspective of a small seller] would have to spend so much more money to set up offices abroad and go to trade shows, but today I am able to do it at the least possible cost,” he added. Meanwhile, Aruna Sharma, an Indian Administrative Service (IAS) officer and former secretary to the government of India, noted that the consumer behaviour is now shifting towards e-commerce portals, just like it shifted to malls over a decade ago. The retail and e-commerce platforms will have to coexist, as technology takes over. Meanwhile Sharma highlighted that the e-commerce industry should not be treated so differently from the retail industry. Though e-commerce platforms are <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-and-flipkart-may-have-a-new-headache-as-indias-e-commerce-policy-could-also-question-their-algorithms/articleshow/81512786.cms">barred</a> from giving preferential treatment to any sellers under the foreign direct investment (FDI) rules, retailers are free to do so. She explained any retailer can position the products based on the commission they earn on their sale, but e-commerce companies are not allowed to apply similar tactics to promote products that give them higher commissions. Similarly, Shetty noted that the e-commerce policies are not something dynamic, but are based on the practices that even retailers follow. “If I remove the ecommerce from the guidelines and put retail in it, it will still mean the same. I cannot hold the platform responsible for a seller,” he added. Minimal policy may be the best way out to help sellers Jehangir Gai, joint honorary secretary of the Consumer Welfare Association emphasised that minimal regulation is required in this space to ensure that the consumers’ demands are met. He also highlighted that more regulations lead to more corruption and interference. “The objective is laudable, but the methodology is flawed,” he added. He also agreed that there are some issues within the segments, but “let’s not kill the entire industry, in the name of a few black sheep.” Echoing Gai’s thoughts, Shetty drew comparisons between the real world and a classroom. “Let teachers make rules or allow students to come up with their own ideas to find the solutions. Second part where we nurture creativity, and that’s the one that works. Restriction is going to lead to restricted business growth,” he added. The latest amendment to the Consumer Protection (E-Commerce) <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-amazon-may-not-be-able-to-do-flash-sales/articleshow/83737670.cms">Rules </a>of 2020 have barred e-commerce companies from carrying out flash sales that offer products at “significantly reduced prices, high discounts or any other such promotions or attractive offers for a predetermined period of time on selective goods and services or otherwise with an intent to draw large number of consumers.” Grievance system may prove beneficial for customers It also aims to smoothen the grievance redressal process on e-marketplaces by making it mandatory for each of these platforms to appoint a Chief Compliance Officer, a Resident Grievance Officer and a nodal contact person in India. Commenting on the same, Zed-Axis’ Shetty said that there should definitely be a grievance officer, but the government should give them “enough teeth to make decisions in the favour of the consumer”, otherwise it’s not really the right solution. However, Gai noted that the Indian grievance-redress mechanism has failed across other segments and it may happen in this segment as well. He also mentioned that flash sales help consumers. “For over the years, we had monopolistic practices and restrictive trade behaviour, I think it comes from traditional systems. I think these flash sales ultimately help the consumers,” he said. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/failure-to-pivot-covid-19-blues-force-amazon-backed-shuttl-to-look-for-a-buyer/articleshow/84056797.cms">Failure to pivot, COVID-19 blues force Amazon-backed Shuttl to look for a buyer</a> <a href="https://www.businessinsider.in/thelife/personalities/news/gautam-adani-and-family-slip-out-of-worlds-top-20-billionaires-as-per-forbes/articleshow/84062686.cms">Gautam Adani and family slip out of world’s top 20 billionaires, as per Forbes</a> <a href="https://www.businessinsider.in/policy/economy/news/restaurants-are-starting-to-hire-robots-instead-of-people-who-are-demanding-higher-pay/articleshow/84053058.cms">Restaurants are starting to hire robots instead of people who are demanding higher pay</a>

You Searched For "world trade organisation e commerce" and got 11 results

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Republican senators urge Biden not to accept India and South Africa proposal to WTO to waive COVID-19 vaccine patents

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Billion dollar ecommerce firm IndiaMART called out for selling fake goods

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Amazon just dethroned Walmart, making it harder for the tech giant to hide behind Walmart's enormous size

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