Trump threatens China with more tariffs, China calls it blackmail.
Hi, I’m Avni Raja, and here are the day’s top business stories.
The tariff tussle triggered by US President Donald Trump continues unabated. In the latest developments, Trump has threatened China with an additional 50 percent tariff if it does not withdraw its 34 percent retaliatory tariff. China has hit back, calling the move “a mistake on top of a mistake” and vowing to fight to the end if the US “insists on its own way.”
Meanwhile, global markets are seeing some respite after days of sharp sell-offs. In Asia, Japan’s Nikkei has risen six percent, while China’s Shanghai Composite and the Hang Seng have each gained one and a half percent. European equities have also opened in the green, and pre-market trade indicates a positive start for US markets as well.
Back home, the Sensex and the Nifty have both risen over one and a half percent, recouping some of the losses from Monday’s session. Forty-nine out of the fifty stocks that constitute the Nifty Fifty have gained in Tuesday’s trade. Jio Financial Services topped the chart with a five percent surge after its NBFC subsidiary introduced a digital loan against securities.
All eyes are now on the Reserve Bank of India, with its interest rate decision scheduled for the 9th of April — that’s tomorrow. According to a CNBC-TV18 poll of economists, bankers and bond dealers, the Indian central bank may announce a rate cut of 25 basis points.
Shifting gears — Prime Minister Narendra Modi has countered accusations that his government is pro-rich. Speaking at an event to mark ten years of the PM Mudra Yojana, the Prime Minister highlighted that over the last decade, 33 lakh crore rupees has been disbursed to ordinary citizens through the scheme. He added that even if the total money disbursed to all the rich people in the country were added up, it would not surpass the Mudra figure.
That’s all the time we have on today’s news wrap. We’ll be back with the latest updates on Wednesday.
