UNITED NATIONS: India is among a handful of countries that stand to benefit from the ongoing trade tensions between the world's top two economies - the US and China, the UN has said in its latest report. The US and China are locked in a trade war since President Donald Trump imposed heavy tariffs on imported steel and aluminium items in March last year, a move that sparked fears of a global trade war. Countries that are expected to benefit the most from the trade war are the EU members as exports in the bloc are likely to grow by USD 70 billion. Other countries set to benefit from the trade tensions include Australia, with 4.6 per cent export gains, Brazil (3.8) India (3.5), Philippines (3.2) and Vietnam (5), the study said. "One major concern is the risk that trade tensions could spiral into currency wars, making dollar-denominated debt more difficult to service," the report added.

Source: Mint February 05, 2019 13:07 UTC