Trump Tariffs Gut Global Markets; Hindutva Gangs Sully Ram Navami Spirit; Start-Up Bros Turn on Kunal Kamra

Modi at BIMSTEC: Regional Summits Without Substantial Outcomes Help No One, Indian-origin engineer protests against Gates over Palestine during Microsoft’s 50th anniversary

A newsletter from The Wire | Founded by Tanweer Alam, Sidharth Bhatia, Pratik Kanjilal, Seema Chishti, Sushant Singh, MK Venu, and Siddharth Varadarajan | Contributing writer: Kalrav Joshi, with additional inputs by Anirudh SK

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Over to Siddharth Varadarajan for today’s Cable

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Snapshot of the day

April 7, 2025

Siddharth Varadarajan

In what is being described as one of the most turbulent days for Indian markets in recent memory, the Sensex crashed 2,226.79 points – its sharpest single-day decline in ten months – mirroring the chaos sweeping through global financial markets in the wake of United States President Donald Trump’s sweeping tariff offensive. The broader Nifty index fared no better, shedding 742.85 points as investor sentiment collapsed under the weight of an escalating trade war that has upended the global economy.

Trump’s decision to slap tariffs ranging from 10% to a staggering 46% on imports from a majority of US trading partners – including India’s key Asian neighbours – has sent shockwaves through global markets. From Tokyo to Sydney, and Shanghai to Hong Kong, markets tumbled in a frenzy unseen in decades. The Hang Seng cratered by over 13%, the Shanghai Composite by more than 8%, and Japan’s Nikkei closed nearly 8% lower. Europe fared no better, with early trades showing sharp drops across banking and defence stocks.

India, already grappling with slowing growth and fragile recovery indicators, now finds itself exposed to a storm not of its own making but one it cannot afford to ignore. With benchmark indices plunging and virtually all major stocks in freefall – Tata Steel and Larsen & Toubro leading the collapse – the question many are asking is: where is Prime Minister Narendra Modi? At a time when leadership demands vision and reassurance, the Prime Minister appears more invested in politically charged rhetoric than offering any