England has a huge trade deficit with…
March 1773 CE
England has a huge trade deficit with Qing Dynasty China in the eighteenth century .
The East India Company creates a British monopoly on opium-buying in Bengal in 1773.
Company ships cannot carry opium to China, as the trade is illegal in China, so the opium produced in Bengal is sold in Calcutta on condition that it be sent to China.
The directors of the company, in a desperate attempt to avert bankruptcy, appeal to Parliament for financial help.
This leads to the passing of the Tea Act in 1773, which gives the Company greater autonomy in running its trade in America.
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