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By EquityPandit

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India, China Voice Same Agri Concerns at WTO

India and China have called upon World Trade Organization (WTO) members to address long-pending concerns over public stockholding and special safeguard measures, to check against surge in farm imports, on priority, as member countries sought to bridge differences ahead of a meeting of ministers later this year. During a special meeting on Wednesday, India highlighted the need to find a permanent solution to public stockholding of foodgrains, an issue which it fears could impact food security in developing countries, including its own ability to procure grains for public distribution programme, given the cap imposed in the agreement signed 25 years ago. While the WTO membership has agreed to a “peace clause”, which restricts any country from raising a dispute in case of a breach in the limit, India wants a final settlement, an issue that China also highlighted.

Despite their tussle, India and China have similar positions on farm trade issues at WTO, which also find an echo in the larger developing country audience. At Wednesday’s meeting, Indonesia, which is one of the key reasons for the issue still hanging fire, too seemed to be backing India’s case on food stockpiling, as it also demanded that the issue of special safeguard measures be taken up.But despite a show of seeking to engage on pushing forward the farm trade agenda, none of the countries seemed to have changed their position. While the US did not take a firm view, according to sources in Geneva, the European Union linked the issue of public stockholding to reforms in the domestic farm support architecture, something that the government has objected to in the past, arguing that the developed countries have extracted their pound of flesh by getting countries such as sign the trade facilitation agreement.

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Russia, US to Discuss Diplomatic Missions in Upcoming Talks

Dhruva Kulkarni

Russia and the US will hold talks in Istanbul on Thursday to discuss normalising diplomatic missions, led by Russian Ambassador Alexander Darchiev and US Deputy Assistant Secretary Sonata Coulter.

The discussions aim to restore embassy operations after years of tensions, restrictions, and disputes over diplomatic property.

The State Department clarified that Ukraine is not on the agenda, emphasising that the talks focus solely on embassy functions. Both countries have struggled with diplomatic credentials, limiting embassy operations.

Russia has faced financial transaction difficulties due to Western sanctions, while US diplomats report movement restrictions in Russia.

A key issue is Russian diplomatic properties in the US, with six locations under restrictions, including estates, consulates, and trade missions.

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China’s Central Bank Urges State Lenders to Cut Dollar Buying

Dhruva Kulkarni

Chinese sources said that the central bank is taking steps to stabilise the yuan, directing major state-owned banks to limit US dollar purchases on Wednesday.

China’s central bank is taking steps to prevent sharp yuan declines, directing major state banks to limit US dollar purchases.

The People’s Bank of China (PBOC) issued informal guidance asking banks to avoid buying dollars for their accounts and tighten checks on client transactions.

State banks were seen selling dollars and buying yuan aggressively to slow its decline in the onshore market.

The yuan has weakened by 1.3% this month, with its offshore counterpart hitting a record low.

Despite US tariffs on Chinese exports, China’s central bank will not use yuan devaluation as a response, focusing instead on financial stability.

The yuan rebounded slightly after the news, but concerns over the trade war’s impact on China’s economy remain high.

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Musk Pushes Trump to Scrap Tariffs as Tesla Falls 42% in 2025

Dhruva Kulkarni

According to the Washington Post, Elon Musk urged US President Donald Trump over the weekend to roll back tariffs, but his efforts were unsuccessful. The dispute follows Trump’s announcement of a 10% baseline tariff on all imports and higher duties on several countries.

Neither the White House nor Musk responded to Reuters’ request for comments. Over the weekend, Musk, a Trump adviser, called for zero tariffs between the US and Europe during a virtual event at Italy’s right-wing League Party congress.

Tesla faces sharp sales declines amid backlash over Musk’s role in a new “Department of Government Efficiency.” Its stock closed at $233.29 on Monday, down over 42% this year. Musk has said Trump’s auto tariffs have a “significant” impact on Tesla.

Economists warn that these tariffs could drive up inflation, increase recession risks, and add thousands of dollars in costs for US families, posing a challenge for Trump, who promised to cut living expenses.

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Japan’s Ishiba Plans US Visit to Push for Wider Tariff Deal

Dhruva Kulkarni

Japanese Prime Minister Shigeru Ishiba plans to visit the US soon to push for a broad tariff deal with President Donald Trump. Speaking in parliament on Monday, he said he would first urge Trump over a call to drop the planned 24% tariff on Japanese imports.

Ishiba emphasised that Japan is not acting unfairly in the dispute and outlined a proposal to resolve the issue of LNG, cars, agriculture, and national security. He aims to present a comprehensive deal, though he acknowledges it will take time.

Japan faces a 24% tariff on exports starting 9th April, alongside a 25% tariff on autos already in place. While officials have not ruled out a response, no clear retaliatory measures have been signalled.

During a February summit, Ishiba pledged to buy more US LNG and increase Japan’s investments in the US to $1 trillion. Despite this, Japan has not secured relief from the tariffs. The trade dispute impacts Ishiba politically, with his approval rating dropping to 30.6%, the lowest since he took office.

A JNN poll showed that 57% of the public supports retaliation. Meanwhile, concerns over the trade war have pressured Japanese stocks, with trading briefly suspended due to heavy selling.

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China to impose 34% additional tariff on all US goods from 10th April

Dhruva Kulkarni

China has announced a 34% additional tariff on all US imports, effective 10th April 2025, in response to recent US trade measures. 

The tariff applies to all US goods, though current bonded, tax reduction and exemption policies remain unchanged. However, goods shipped before 10th April 2025 and arriving by 13th May 2025 will be exempt.

This move follows the US imposing 34% tariffs on $438 billion worth of Chinese imports, announced by President Donald Trump. China’s Commerce Ministry criticised the decision, while the Foreign Ministry stated it violates WTO rules and undermines global trade.

In 2024, US-China goods trade totalled $582.4 billion, with the US importing $438.9 billion from China and recording a $295.4 billion trade deficit.

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