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By EquityPandit

WORLD

Joe Biden Begins 8-Day Trip to Europe

US President Joe Biden departs for his first trip abroad since becoming the president. The trip represents the president’s ability to manage and repair relationships with major allies who are disappointed with former President Donald Trump’s trade tariffs and withdrawal from international agreements.


“Will the democratic alliances and institutions that shaped so much of the last century prove their capacity against modern-day threats and rivals? I believe the answer is yes. And this week in Europe, we have the chance to prove it,” Biden said in an article published in the Washington Post. His summit with Russian President Vladimir Putin on June 16 in Geneva will be the first trip, where he will participate in the G7 summit. The meeting is expected to be on vaccine diplomacy, trade, climate, and an initiative for rebuilding infrastructure in the developing world. US officials see that effort as a way to counter China’s growing influence.


Biden may face pressure to do more share of US vaccine supplies with other countries after an initial pledge of 20 million doses announced last week. His push for a global minimum tax on multinational organizations faced opposition in the US. G7 finance ministers agreed before the summit to follow a global minimum tax rate of at least 15 per cent and to allow market countries to tax up to 20 per cent of the excess profits above a 10 per cent margin generated by about 100 high-profit companies.

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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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China Opposes New US Tariffs, Vows Retaliation

Dhruva Kulkarni

China has strongly opposed the new US export tariffs and pledged countermeasures to protect its interests. It criticised the move as unilateral bullying and urged Washington to cancel the tariffs, warning of risks to global economic stability.

Under President Trump, the US has imposed a 10% tariff on imports worldwide, with harsher duties on key trading partners. China faces a 34% tariff and a 20% duty imposed earlier. In response, Beijing has placed up to 15% tariffs on US agricultural goods like soybeans, pork, and chicken. The escalating trade war threatens China’s economic recovery, already strained by a property sector crisis and weak consumption.

While Trump calls the tariffs “reciprocal,” experts argue his claims about US trade losses are exaggerated. China accused the US of ignoring years of trade negotiations and benefiting from global trade. Beijing has called for dialogue, warning that protectionism will not resolve the US’s economic challenges.

The US has also imposed a 25% tariff on steel and aluminium imports, though China is not a major exporter of these products to the US.

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India, Chile Strengthen Ties with Focus on Critical Minerals & Defence

Dhruva Kulkarni

India and Chile have agreed to launch talks on a comprehensive economic partnership to strengthen bilateral trade.

Prime Minister Narendra Modi and Chilean President Gabriel Boric Font met in New Delhi on 1st April to discuss trade, defence, critical minerals, and health, with Chile as a key Latin American partner for India.

Both leaders agreed to begin negotiations for a trade pact to expand investment opportunities and economic ties. Collaboration on critical minerals will focus on building resilient supply and value chains, while defence cooperation will include industrial manufacturing and supply networks tailored to mutual needs.

Additionally, both nations will work together on security challenges, including organised crime and terrorism, while simplifying visa procedures to promote student exchanges.

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WORLD

China’s Private Factory Output Beats Forecasts Despite Trump Tariffs

Dhruva Kulkarni

China’s manufacturing activity grew at its fastest pace in four months, defying expectations ahead of Trump’s planned tariff hikes on exports to the US.  

The Caixin manufacturing PMI rose to 51.2 in March from 50.8 in February, surpassing forecasts and indicating expansion.  

Supply and demand improved, and exports grew, but the job market remained weak, and deflationary pressures persisted.

The private survey focused on small and export-driven firms and showed stronger results than the official poll.  

Despite US tariffs, China’s manufacturing sector displayed resilience, with new export sales rising at the fastest pace in nearly a year.  

Trump’s administration plans new reciprocal tariffs on 2nd April, with China warning of retaliation, adding to trade uncertainty.

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German Retail Sales Climb, But Import Costs Weigh on Outlook

Dhruva Kulkarni

German retail sales rose 0.8% in February, surpassing analyst expectations of 0.2%, but increasing import prices pose inflation risks that could impact consumer spending.

Economists remain cautious, citing weak consumer sentiment. Chief economist Alexander Krueger noted that growing job concerns are limiting spending. Unemployment increased by 26,000 in March to 2.92 million, nearing the 3 million mark for the first time in a decade.

Import prices jumped 3.6% year-over-year in February, the highest in over two years, driven by food costs. As Germany imports many raw materials, these higher costs could push inflation up.

March inflation data, set for release on Monday, is expected to drop slightly to 2.4% from 2.6% in February.

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