Stock market crash live: India’s benchmark indices tumbled on Monday, dragged down by mounting global trade tensions and rising recession fears in the US, which triggered a broader sell-off across Wall Street and Asian markets. Asian shares in general, nosedived after a meltdown Friday on Wall Street over Donald Trump’s tariff hikes and the backlash from Beijing.…Read More

The tech giant is reportedly ramping up shipments of iPhones from India to the US as a short-term solution to offset the rising costs imposed by China duties while Apple attempts to win an exemption from President Trump’s tariffs.

The shift in production operations is believed to be Apple’s larger strategy to adapt to the evolving trade landscape under the Trump administration’s tariff policies.

As per the report, the company sees the situation as too uncertain to upend long-term investments in its supply chain.

Since 2017, Apple has worked with partners to assemble iPhones in India, starting with older models and gradually expanding to include the latest ones.

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The policy both addresses China’s risk and avoids import tariffs when selling in India, one of the world’s fastest-growing smartphone markets.

Meanwhile, TOI reported that Apple flew five full flights of iPhones and other products from India and China to the US in just three days in the last week of March, according to a senior Indian official.

The products shipped in March didn’t attract the new duty, which means Apple’s US warehouses are already stocked with enough units to handle demand for the next few months.

Trump’s tariffs on China

Donald Trump on April 2 announced “discounted” reciprocal tariffs on trading partners, including China, with 26 per cent tariffs on imports of Indian goods.

In a tit-for-tat move, the China Finance Ministry announced it will be slapping an additional 34 per cent tariff on all US goods from April 10.

After China’s retaliation, Trump further threatened to slap additional 50% import taxes on China, while readying negotiations with Japan and Israel, leaving markets struggling to grasp his intentions for his sweeping tariff plans.

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“If China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th,” Trump posted on social media.

Apple shares drop exponentially

Notably, the iPhone, which accounts for about 50% of Apple’s revenue, is primarily manufactured in China.

This heavy reliance has raised concerns among investors about the company’s exposure to tariffs, resulting in a 20% drop in Apple’s shares, marking their worst three-day performance in almost 25 years.

The Supreme Courts of India and Nepal on Monday (April 7, 2025) signed a Memorandum of Understanding (MoU) for judicial cooperation, an occasion which Chief Justice of India Sanjiv Khanna termed as the lighting of a new torch in the relationship between the two countries’ judiciaries.

Chief Justice Khanna, who spoke in the presence of Chief Justice of Nepal Prakash Man Singh Raut, said: “Jurisprudential exchanges ensure that our constitutional democracies are not insular, but open to learning, adaptation, and evolution.”

Chief Justice Khanna recounted how the Supreme Court was inspired by a decision of its Nepal counterpart that led to decriminalising Section 377 of the Indian Penal Code (IPC).

“The Indian court noted the Nepalese judgment with approval, particularly drawing inspiration from how it linked the rights of LGBTQ persons to their right to privacy,” Chief Justice Khanna said.

Likewise, the CJI said Nepal has incorporated Indian constitutional doctrines. “These include the celebrated doctrine of the Basic Structure of the Constitution. I am happy to note how some of the Indian constitutional principles have found a home in Nepal’s jurisprudence!” the CJI noted.

Chief Justice Khanna appreciated the Nepal Supreme Court’s interpretation of the concept of “ecocide”. “It not only recognised the drastic long-term consequences of environmental degradation but also firmly grounded the right to a clean and healthy environment,” the CJI said.

This MoU aims to create formal mechanisms for judicial exchanges, joint research, training programmes, seminars, and visits. It would be crucial to better understand and resolve common challenges faced by the judiciary like lack of access to justice, judicial delays, digitisation and the “protection of constitutional rights in a rapidly changing world”.

Also present were Union Minister of State for Law and Justice Arjun Ram Meghwal, Attorney General for India R. Venkataramani, Solicitor General of India Tushar Mehta, Chairman of the Bar Council of India Manan Kumar Mishra, presidents of the Supreme Court Bar Association and the Supreme Court Advocates-on-Record Association, Kapil Sibal and Vipin Nair, respectively.

New Delhi, India is working on a “military space doctrine” that is likely to be brought out in two to three months, Chief of Defence Staff General Anil Chauhan said on Monday.

“We are also working on a national military space policy,” he said.

In his inaugural address at the third edition of the Indian DefSpace Symposium here, the Chief of Defence Staff emphasised the space sector reforms undertaken by the country in recent years, and the works of Defence Space Agency, the key agency for developing capabilities that protect India’s interests in outer space and deal with threats of space wars.

The CDS also said that humanity is on the “cusp of an era” where space is emerging as a new domain of warfare, and pitched for developing a “space culture” that entails developing doctrines, conducting research and establishing dedicated warfare schools.

“The Defence Space Agency is working on bringing out a military space doctrine, which hopefully should be out in two or three months. We are also working on a national military space policy,” the CDS told a gathering of defence and space experts.

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“We are going to launch 52-odd satellites for intelligence, surveillance and reconnaissance purposes, in partnership with the Indian Space Research Organisation and private sector,” he said.

The Defence Space Agency in working on an integrated satellite communication grid to mitigate the current limitations and “prepare ourselves for future”, the CDS said.

He underlined that military space operations are critical for identifying potential threats to national security. These threats may originate from state or non-state actors, and the vulnerabilities may extend beyond the space-based system.

“The capabilities of some of our adversaries are growing by leaps and bounds. They have created a special aerospace force, they have demonstrated on-orbit manoeuvres. It is important that we keep track of these because they form part of a risk-mitigation strategy,” the CDS said.

He asserted that as Indians and “as a culture that respects space through knowledge and research, we need to reposition ourselves.”

The Indian DefSpace Symposium was hosted by Indian Space Associated at the Manohar Parrikar Institute for Defence Studies and Analyses.

Underlining how military ethos evolved over the centuries with the evolution of maritime and aerospace warfares, the CDS said that in the past, a seafaring culture may have allowed the Portuguese, the Spaniard, the English or the Dutch to dominate the world. Similarly, the aerospace culture led to the domination of the US and European nations.

He said during the era of maritime warfare, maritime capabilities could decide the outcome of a battle in the sea or have a major influence on the battle on the land. Similarly when air power become a major instrument of fighting war, it could decide a battle in the air space or have a large effect on the battle on land or the sea.

“So, when we say that space is going to form the basic building blocks of warfare in future, it is going to have an impact on all these three domains,” Chauhan said.

“Hence, it is important to develop space capabilities. And before we develop these capabilities, it is important to create the ‘space culture’, or the culture of talking about space,” he said.

The CDS underlined that space culture is about “new ideas on the use of space”.

Expounding his views of the space culture, the CDS said, “It is about doing seminal research on warfare. It is about the development of doctrines and strategies about space. It is also about development of subjects like space laws, or a framework for space diplomacy.”

The CDS said that while scope for developing the space culture is vast, there is very less literature on it currently.

“Building a space culture is not about creating new start-ups on space. It is also about space journals, articles, space warfare institutes and societies that ideate on it,” he said, adding, “I think there is an important need that Services also have their own space warfare schools in the near future.”

Former IAF chief V R Chaudhari , in his address, said that space-based assets will become “what we call in military terms, the new centres of gravity”.

The Air Chief Marshal emphasised that militarisation of space is not a futuristic concept and is a “threat of weaponisation”.

“It is not a matter of if, but when,” he said.

The growing arms race in space is going to become a “strategic imperative” and this is something India should not lose sight of, he added.

This article was generated from an automated news agency feed without modifications to text.

 

More than 50 nations have reached out to the White House to begin trade talks since U.S. President Donald Trump rolled out sweeping new tariffs, top officials said on Sunday as they defended levies that wiped out nearly $6 trillion in value from U.S. stocks last week and downplayed economic fallout.

On Sunday morning talk shows, Trump’s top economic advisers sought to portray the tariffs as a savvy repositioning of the U.S. in the global trade order. They also tried to minimize the economic shocks from last week’s tumultuous rollout. Wall Street stock futures opened sharply lower on Sunday, in a sign that another rough week could be in store.

Treasury Secretary Scott Bessent said more than 50 nations had started negotiations with the U.S. since last Wednesday’s announcement, putting Trump in a position of power.

Neither Bessent nor the other officials named the countries or offered details about the talks. But simultaneously negotiating with multiple governments could pose a logistical challenge for the Trump administration and prolong economic uncertainty.

The excise duty on petrol was increased to ₹13 per litre and that on diesel to ₹10, as per the department of revenue’s order.

The Indian government is unlikely to relax investment checks on Chinese companies even as calls grow louder for a review of foreign direct investment (FDI) rules, ToI reported. Authorities remain cautious about capital flows from across the border, especially as US President Donald Trump’s tariffs have heightened concerns over Chinese firms and the redirection of their exports to India and other Asian markets.

Private industry has been nudging the Modi government to relook at the current investment regime, which was tightened in 2020 following the Covid outbreak and tensions with China along the Ladakh border. The strained relations had led to a ban on several Chinese apps, visa restrictions, and procurement curbs. Recently, voices in favour of easing FDI rules have grown stronger. Some experts and commentators argue that collaborating with countries like China, particularly in the field of technology, could help India manage the current crisis more effectively.

Prime Minister Narendra Modi last week said that the development of India-China ties was conducive to a stable and multipolar world. Chinese President Xi Jinping echoed the sentiment in messages exchanged between the two countries on Tuesday, marking the 75th anniversary of diplomatic relations. According to China’s state-run Xinhua news agency, Xi conveyed to President Droupadi Murmu that a “dragon-elephant tango” would serve the fundamental interests of both nations.
The development of India-China relations is not only conducive to the prosperity and stability of the world, but also conducive to the realisation of a multipolar world, Modi had said in his message to Chinese Premier Li Qiang, as reported.

The Economic Survey 2023–24 had made a strong pitch for attracting Chinese investment to boost domestic manufacturing and access export markets. It had argued that an increase in FDI inflows from China could raise India’s participation in global supply chains and support export growth.

India wary of Chinese ownership and policies

Despite these arguments, the government remains sceptical. Officials are concerned about the opaque ownership structures of Chinese firms and their links with the Communist regime and the military, according to ToI. There are also concerns related to China’s non-market economy status. Government officials point to policies like subsidies for manufacturers and loan write-offs, which are viewed by some as indirect support that distorts competition.Chinese authorities are also perceived to be unsupportive of India’s manufacturing ambitions. While New Delhi has been trying to woo global corporations to build in India, Chinese regulators have made life difficult for several of them, including Apple’s major phone makers, their smaller component suppliers, and other firms.

Press Note 3 remains a key tool

Investment checks introduced through Press Note 3 remain in place. This policy mandates that all investments from countries sharing a land border with India must receive government approval. It gives the government flexibility in determining who can invest. It has already been used to block EV-maker BYD’s proposed $1 billion joint venture with Megha Engineering, a firm later caught in the electoral bonds controversy.

Some government officials suspect that a portion of the current push to ease rules is coming from Chinese companies themselves. These firms, unable to expand due to lack of approvals, are reportedly offering to reduce their stakes in favour of Indian entities.

India had increased scrutiny of Chinese investments since 2020, after relations soured following violent border clashes. In June 2020, fighting along the largely undemarcated Himalayan frontier led to the deaths of 20 Indian and four Chinese soldiers.

India wary of getting caught in US-China trade war

Meanwhile, ET had reported that India is keeping a close watch on shifting global trade trends. Experts have warned that New Delhi should focus on its national interest and avoid being drawn into the escalating US-China trade war. Beijing on Friday imposed a 34% additional tariff on imports from the US, retaliating against Washington’s earlier measures.

The government is especially alert to the risk of Chinese goods being dumped in India due to the new US tariffs. “We are watching the situation,” an official said when asked about Beijing’s retaliatory move.

At the same time, India is also examining the issue of Chinese products being routed through third countries, especially those with which India does not have any trade agreements.

New Delhi, Apr 7 (PTI) India should accelerate discussions for the proposed bilateral trade agreement with the US as the deal could help secure preferential market access, improve investor protections, and encourage technology partnerships between the two countries, experts said on Monday.

They also said that the pact is critical for India to address long-standing non-tariff barriers in sectors like chemicals, telecom equipment, and medical devices, which were explicitly flagged in the US tariff statement.

Mutual Recognition Agreements (MRAs) for standards and testing protocols could be a strategic step forward in reducing regulatory friction and improving market access in these sensitive sectors, they added.

Even though the new US tariffs might put short-term pressure on India’s key export sectors, the broader strategic landscape offers significant long-term advantages, Rudra Kumar Pandey, Partner, Shardul Amarchand Mangaldas & Co, said.

He said that India can leverage its differential tariff exposure, policy incentives, sectoral strengths, and diplomatic engagement to not only safeguard current trade volumes but also to position itself as a core player in the future US-centric global supply chain architecture.

Strategic action in investment promotion, trade negotiation, and regulatory alignment will be key to turning this challenge into a transformative growth opportunity, he added.

“From a policy standpoint, these developments open up a timely opportunity for India to initiate or accelerate discussions on a bilateral investment treaty or a limited-scope free trade agreement with the US,” Pandey said.

He added that the imposition of an additional 26 per cent import duty by the US has considerable implications for Indian exports, especially in industries such as gems and jewellery, electrical and telecom equipment, electronics, and textiles and clothing, which collectively accounted for about USD 37 billion in exports to the US in 2024.

Breaking News LIVE | “Massive financial deficits with China, EU can only be cured with tariffs”: Donald Trump

US President Donald Trump defended his administration’s implementation of reciprocal tariffs on various countries, underlining the financial deficits the US faces with nations like China and the European Union and argued that tariffs are the only solution to these trade imbalances. Donald Trump also criticised the trade surplus with these countries under former President Joe Biden, vowing to reverse it swiftly, while expressing his belief that tariffs would prove beneficial for the US. Sharing a post on social media platform Truth Social on Sunday (local time), Trump wrote, “We have massive financial deficits with China, the European Union, and many others. The only way this problem can be cured is with tariffs, which are now bringing tens of billions of dollars into the USA. They are already in effect, and a beautiful thing to behold.”

The IMD has predicted a heat wave for this week across Northwest India, in parts of Rajasthan, Gujarat, Delhi and more.

Heatwave warning across India this week-

Monday: According to IMD, heat wave to severe heat wave conditions are very likely to persist in some parts of Gujarat’s Saurashtra and Kutch, West Rajasthan. In isolated pockets of East Rajasthan, Gujarat, Himachal Pradesh, Punjab, Haryana-Chandigarh-Delhi, west Uttar Pradesh will also witness heat wave conditions. In coastal areas, some parts of Gujarat, Konkan and Goa are very likely to witness hot and humid weather.

Tuesday– Some parts of Rajasthan are very likely to have heat wave to severe heat wave conditions on Tuesday, while isolated pockets of Gujarat, Punjab, Haryana, Delhi, west Uttar Pradesh and Madhya Pradesh are likely to witness heat wave conditions.

Wednesday– Some isolated pockets in Eastern Rajasthan are likely to witness heat wave to severe heat wave conditions on Wednesday, while parts of Gujarat, Punjab, Haryana, Delhi, west UP, west Rajasthan and Madhya Pradesh will likely see heat wave conditions.

Thursday– Heat wave conditions are likely in isolated pockets of Gujarat, Punjab, Haryana, Rajasthan, and Madhya Pradesh.

A red alert has been issued for some parts of west Rajasthan on Monday, implying that people could have heat-related illness or a heat stroke. Vulnerable people need to be taken care of properly.

Delhi: For the national capital, a yellow alert is in place for Monday and Tuesday, increasing the likelihood of heat illness symptoms in people out in the Sun for long or engaged in heavy physical work. People are advised to avoid heat exposure, keep cool and drink enough water even when not thirsty to avoid dehydration.