India stands firm under Trump tariffs.

• US President Donald Trump announced “reciprocal tariffs” on US imports from trading partners worldwide, ranging from 10% to 49%.
• India was hit with a 26% tariff on its exports to the US, despite ongoing talks for a trade agreement.
• The tariffs sparked warnings of reprisal from China and the European Union, but India’s reaction was muted.
• Global markets plunged in response, with Japan’s Nikkei losing 4%, European markets dropping more than 2% each, and India’s Sensex shaved over 300 points.
• The Dow Jones fell over 3% in the first hour of trading, while the Nasdaq crashed 4%.
• The tariff hikes, which Trump has said would herald April 2 as “Liberation Day,” were broader and higher than experts had predicted.
• India’s official response was subdued, with the Commerce Ministry examining the implications of the measures and studying “opportunities that may arise due to this new development”.