global tariff war

Washington isn’t interested in being a guarantor of anything, including energy supplies. New Delhi’s strategic response must centre around the one energy source it has in abundance

President Trump has warned of significant tariffs on the UK if it doesn't abolish its digital services tax targeting American tech giants. This 2% levy, introduced in 2020, has generated substantial revenue for Britain. The threat escalates existing trade tensions and comes amid broader diplomatic pressures, potentially impacting a UK-US trade deal and defense relations.

Under the proposed interim trade deal, the US has lowered tariffs on India from 50% to 18%. In August last year, Trump had imposed a 25% reciprocal tariff on India and an additional 25% penal tariff for India’s crude oil purchases from Russia.

As Trump plays tough guy, nice guy, a battered yet resilient Iran unleashes a meme war

RBI is not alone in repatriating its gold reserves. Several central banks like France’s Banque de France, Germany’s Deutsche Bundesbank, Serbia’s National Bank have done the same - buy why?

Petroleum Minister Ali Pervaiz Malik has admitted that Pakistan lacks even a day’s worth of strategic petrol reserves, as oil prices climb to $126 per barrel — the highest since 2022 — amid ongoing shipping disruptions in the Strait of Hormuz

US President Trump's second term prioritizes oil, leveraging energy dominance for global influence. Campaign funding from oil interests aligns with policies boosting domestic production and easing regulations. Sanctions on rivals and geopolitical events like the Hormuz crisis engineer demand for American exports, impacting nations like India and reshaping global energy markets.

New Delhi called the remarks “uninformed, inappropriate and in poor taste” after the US president endorsed an anti-India statement by American radio host Michael Savage, a move that has also triggered widespread backlash among Indian-Americans

China's export growth significantly decelerated to 2.5% in March, falling short of expectations and marking the weakest performance in six months. This slowdown is attributed to rising global energy costs and supply disruptions stemming from the Middle East conflict. Conversely, imports surged by 27.8%, indicating robust domestic demand despite geopolitical uncertainties.

Nearly six weeks of fighting between Iran and the United States have paused, but tensions remain after talks failed. Donald Trump has increased pressure by threatening to block the Strait of Hormuz, a key global oil route. Iran is responding by using control of the strait as leverage, similar to how China earlier countered US pressure using rare-earth supplies. This has already pushed oil prices higher and raised concerns over fuel costs and inflation. Iran has shown no sign of backing down, signalling a longer standoff ahead

South Korean President Lee Jae Myung emphasized close collaboration with India as emerging global leaders amidst geopolitical uncertainty. He highlighted shared values and complementary economies, advocating for upgraded trade agreements, defense industrial cooperation, and joint ventures in critical minerals and shipbuilding to foster mutual growth and innovation.

In fact, IMF’s latest World Economic Outlook (April 2026) sees India sitting at the sixth spot this financial year too. What has led to the sudden fall? Why has India dropped to the sixth position, falling behind the UK, instead of overtaking Japan to become the fourth largest economy?

From cheaper autonomy to costlier capital, a post-dollar world could test India’s economic model

In India, growth for 2025 is revised upward by 1.0 percentage point relative to October, to 7.6 percent. IMF chief economist Pierre-Olivier Gourinchas noted that, in the absence of the conflict, growth projections for 2026 might have been revised upward to 3.4 percent.

President Trump claims China is pleased with his decision to permanently open the Strait of Hormuz, stating he's acting for their benefit and the world's. He asserts China has agreed to cease weapon shipments to Iran and anticipates a warm reception from President Xi during an upcoming visit, highlighting smart cooperation over conflict.