Among the top news of the day was China hitting back at the United States by imposing a 34% trade tariff, and the subsequent slide in oil prices due to the retaliatory action. Also, Wall Street indices opened on a positive note, rising over 3%, after plunging sharply a day earlier.
Here’s a quick roundup of today’s key headlines:
Oil's Sharpest Drop In Four Years
Oil prices plummeted to a four-year low due to an unexpected surge in OPEC+ output and a worsening global trade war. Brent crude oil prices fell by 14% in two days, dipping below $65 per barrel.
China retaliated against US tariffs, intensifying the trade war and jeopardising global economic growth and raw material demand. China will impose a 34% tariff on all imports from the US starting April 10.
Here's what analysts believe is in store for the commodity.
China Hits Back At US Tariffs
China responded to new US tariffs with multiple actions, which included imposing levies on all American imports and implementing export restrictions on rare earth minerals, intensifying the trade dispute with President Donald Trump.
Starting April 10, Beijing will apply a 34% tariff on all imports from the US, mirroring President Trump's reciprocal tariffs on Chinese goods. Relations between Washington and Beijing have deteriorated since President Trump's return to office. Notably, the US president has not communicated with his Chinese counterpart in over two months since his inauguration.
Click to read all the new duties China has imposed in retaliation.
US Markets Tumble
The US stock markets experienced a significant decline, fueled by China's escalation of its trade conflict with US President Donald Trump.
Specifically, the S&P 500 index saw a sharp drop of 3%, following a previous day's rout that marked its worst performance since 2020. The Dow Jones and Nasdaq Composite were also trading at a 3% decline.
Track how the US indices are faring here.
Pharma Stocks Give Up Gains
The Nifty Pharma index experienced a sharp decline on Friday, falling by nearly 5%, the largest drop since June 4, 2024. This reversal followed US President Donald Trump's announcement regarding future tariffs on the pharmaceutical sector. The index nearly erased its 4.98% gains from the previous day.
During a conversation with reporters aboard Air Force One, President Trump indicated that the pharmaceutical industry would face unprecedented tariff levels. He stated that the US is treating pharmaceuticals as a distinct category, and the specific tariff details, currently under review, would be announced shortly.
Check how drugmakers fared in the markets today.
Indices Continue Decline
The Nifty and the Sensex continued their downward trend driven by concerns over the future of the global trade system due to US President Donald Trump's tariff policies.
The Nifty was down by 1.495%, and the Sensex closed 1.22% lower. The combined market capitalisation of Nifty 50 companies decreased by Rs 3.24 lakh crore, settling at Rs 181.48 lakh crore.
Read the entire markets wrap here.
RBI Likely To Implement Rate Cut
The Reserve Bank of India's Monetary Policy Committee is anticipated to reduce the benchmark lending rate in April. According to a Bloomberg poll, all economists surveyed predict the MPC will implement a rate cut, with a minimum reduction of 25 basis points.
This decision comes shortly after US President Donald Trump announced retaliatory tariffs on India, set at 27%, amid growing concerns about both global and domestic economic slowdowns and persistent uncertainty.
The MPC meeting is scheduled to take place from April 7th to April 9th.
Services PMI Above Average
The HSBC India Services PMI Business Activity Index recorded 58.5 in March, indicating a significant expansion above the neutral 50.0 mark, according to a Friday press release. While slightly lower than February's 59, the index remained above its long-term average of 54.2.
Simultaneously, the HSBC India Composite PMI Output Index climbed to a seven-month high of 59.5 in March, up from 58.8 in February, signifying continued above-average growth.
Paytm Founder On 'India Versus China'
Paytm founder Vijay Shekhar Sharma, among others, responded to Minister Piyush Goyal's recent remarks on an India versus China debate on startups by acknowledging China's advanced ecosystem and ability to play "longer haul," particularly in areas like electric vehicles.
He argued that India, being a newer player, focuses on immediate opportunities to generate funds for future growth.
Read to see what Zepto's Aadit Palicha, Ashneer Grover, and former Infosys CFO Mohandas Pai have had to say on the subject.
Here are other stories you cannot miss:
Siemens Energy Demerger: All You Need To Know
Trump Tariffs: Trade Turbulence Ahead, But India May Sail Smooth, Says Neelkanth Mishra
8th Pay Commission: Lower Fitment Factor Possible If DA-Basic Pay Merger Gets Nod, Say Sources
IndusInd Bank Q4 Updates: Net Advances Down 5.2% QoQ, Deposits Flat
Gold See Further Upside As Uncertainty Grows, Says Peter McGuire
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