Trump-Modi Meet, President's Rule In Manipur, US Stocks Gain | Rise With Profit

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The big talking point on the global stage is the meeting of Prime Minister Narendra Modi with US President Donald Trump. Just hours ahead of that meeting, Donald Trump ordered his administration to consider reciprocal tariffs on numerous trading partners, including India.

The president on Thursday signed a measure directing the US Trade Representative and Commerce Secretary to propose new levies on a country-by-country basis, in an effort to rebalance trade relations — a sweeping process that could take weeks or months to complete. Howard Lutnick, Trump’s nominee to lead the Commerce Department, told reporters all studies should be complete by April 1 and that Trump could act immediately afterward.

At the meeting, the two leaders discussed a variety of issues — among them, higher tariffs. At a joint press conference with Trump, PM Modi said India and the US would work to more than double bilateral trade to $500 billion by 2030. At the conclusion of the two leaders’ meeting in Washington, Modi also said that the countries’ teams would work on concluding a mutually beneficial trade agreement very soon.

India is set to purchase oil and gas, as well as defence and nuclear tech from the US. The two countries will also collaborate on supply chains for critical minerals, semiconductors, biotech and advanced materials, as well as on artificial intelligence, where a race is currently underway primarily between the US and China.

And finally, the mastermind behind the 26/11 attack in Mumbai, Tahawwur Rana, is set to be extradited to India.

Prime Minister Narendra Modi met SpaceX CEO Elon Musk at Washington DC on Thursday. US President Donald Trump has chosen Musk to head a new Department of Government Efficiency last month.

In a post on social media, PM Modi said that he had a very good meeting with Musk, discussing various issues, including those he is passionate about, like space, mobility, technology and innovation.

Meanwhile, the producer price index in the US rose more than anticipated in January. But the data was more positive than negative. A large number of components of this index feed into the preferred measure that the Federal Reserve uses to judge inflation trajectory and these showed signs of moderation. That includes healthcare and airfares.

The PPI for final demand climbed 0.4% from a month earlier, following an upwardly revised 0.5% increase in December, according to a Bureau of Labor Statistics report released yesterday. The median forecast in a Bloomberg survey of economists called for a 0.3% gain. Compared with a year ago, the PPI increased 3.5%.

US stocks ended higher because of the expectation that the Fed’s preferred inflation indicator will be softer than anticipated. The S&P 500 rose 0.4%, while the Dow climbed 0.2%. The Nasdaq 100 added 0.7%. Meanwhile, the yield on 10-year Treasuries fell seven basis points to 4.55%. The Bloomberg Dollar Spot Index lost 0.4% after it became apparent that higher tariffs would not come into play immediately.

In news back home, President’s rule has been imposed in Manipur on Thursday, days after Chief Minister N Biren Singh's resignation. The Ministry of Home Affairs has issued an official notification, declaring President’s rule in the state, after the ruling Bharatiya Janata Party leadership failed to name a new leader for the CM's post. As you’re aware, under the President’s rule, the elected state government is dismissed and its powers are suspended. The Governor becomes the executive head of the state and runs the administration on behalf of the President.

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