Trump hits pause on tit-for-tat tariffs, Wall Street turns euphoric!
Here’s the top story this morning – US President Donald Trump announces a 90-day pause on his “reciprocal” tariffs, reducing tariff rates for most US trade partners to 10%. However, the US President increases tariff on China to 125%, accusing it of showing a “lack of respect to the world’s markets.”
Trump’s tariff action against China comes after the latter raised its retaliatory tariff on American exports to 84%.
Trump’s tariff relief propels Wall Street to new heights in Wednesday’s session. The S&P 500 gains over 9% – its third-largest single-day surge since the Second World War. Over in Asia, Japan’s Nikkei opens higher, tracking Wall Street rally.
ALSO: RBI cuts key rate, US reciprocal tariffs kick in | Day's Business News Wrap
Shifting gears – Indian security agencies prepare for the arrival of Tahawwur Hussain Rana, accused in the 2008 Mumbai terror attacks. Reports suggest that Rana, who is being extradited from the United States, is likely to be lodged in Delhi’s Tihar Jail upon his arrival in India on Thursday. Rana, 64, is a Pakistan-born Canadian national and a close associate of David Coleman Headley – a key conspirator in the 26/11 attacks.
Latest from the court corner - The Supreme Court is set to hear 10 petitions challenging the Wakf (Amendment) Act, 2025, on April 16. A three-judge Bench of the apex court, led by Chief Justice of India Sanjiv Khanna, will preside over the matter. The lead petition has been filed by AIMIM leader Asaduddin Owaisi. The Act received Presidential assent on April 5.
In sports news – Sai Sudharsan's innings of 82 runs propels Gujarat Titans to a commanding 58-run victory over Rajasthan Royals in their IPL clash on Wednesday. Sudharsan's knock guided GT to a formidable total of 217 for 6. In response, GT's bowlers struck early, eventually bowling out Rajasthan Royals for 159.
ALSO: Donald Trump’s net worth crashes $500M as tariff shock hits global markets
