Trump’s New Tariff Plan Will Hit Indian Economy Badly; Lok Sabha Passes Waqf Bill in Late Night Session; Waqf Bill is Not a Muslim Issue, it Affects all of India

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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 Sidharth Bhatia for today’s Cable

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Snapshot of the day

April 3, 2025

Sidharth Bhatia

Global markets and businesses were reeling on Thursday as United States President Donald Trump announced sweeping tariffs on major trade partners and struggling countries alike, marking the biggest upheaval of global trade norms since World War II. Trump’s new policies set a baseline tariff of 10% on all goods coming into the US, with punitive tariffs exceeding 50% on targeted nations. The 10% universal tariff will take effect on April 5, while higher reciprocal tariffs on certain countries – including India – will begin on April 9.

India’s response, however, has been nothing short of embarrassing.