Morning Brief: 15 Years After Arrest, US To Send 26/11 Mastermind To India Today; China Sends Feelers To India As Trump Turns The Screws; Markets Bounce Back After Monday Crash

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Over 15 Years After Arrest, US To Send 26/11 Mastermind To India Today

Seventeen years after the 26/11 terror attacks, the US is finally set to extradite Tahawwur Rana — a Pakistani-Canadian Lashkar terrorist — to India on Wednesday (9 April).

It has taken Washington only 15 years since Rana’s arrest in 2009 to send the man who helped his childhood friend, Pakistani-American terrorist David Coleman Headley, carry out the Mumbai attacks, killing 175 people, including American citizens. Headley conducted reconnaissance in India under the cover of a visa arranged by Rana.

The Modi government had started formal extradition efforts in December 2019, with US President Donald Trump confirming the handover in 2020 — but it’s only now that India is preparing special jail arrangements in Delhi and Mumbai. So far, only Ajmal Kasab — the lone gunman caught alive — has faced trial for 26/11; Rana’s long-overdue arrival underscores just how sluggish justice can be when it's routed through the US deep state.

As Trump Turns The Screws, China Sends Feelers To India

China has called on India to stand together in the face of escalating US tariffs, with the Chinese embassy in New Delhi stating that both nations, as large developing economies, should cooperate to overcome these challenges. Chinese spokesperson emphasised the mutually beneficial nature of India–China trade — which, in 2024, saw China walk away with a neat $94 billion trade surplus — and urged opposition to unilateralism and protectionism, apparently without a hint of irony.

This comes as Beijing vowed to resist President Trump’s sweeping tariff hikes, calling them “a mistake on top of a mistake” and promising to “fight to the end.” Trump’s tariffs on Chinese goods are set to rise to over 104 per cent today (9 April). While China has mounted a strong public response, India has remained largely silent, issuing only minimal statements as ministries attempt to downplay the fallout.

Behind the scenes, however, India appears to be leaning toward finalising the ongoing trade deal with the US rather than opting for retaliation.

Markets Bounce Back After Monday Crash

India’s benchmark equity indexes rebounded on Tuesday (8 April), lifted by bargain buying and a broader rally across Asian markets. The Nifty 50 rose 1.69 per cent to 22,535.85, and the BSE Sensex gained 1.49 per cent to close at 74,227.08 — recovering from their steepest fall in 10 months the previous session.

The sharp uptick was driven by hopes of easing global trade tensions. This helped Asian stocks bounce back from 1.5-year lows, with Japan’s Nikkei 225 surging 6 per cent. Back home, the Nifty recorded its best session in three months, while the Sensex saw its strongest in three weeks.

Other Developments

Apple Exported $17.4 Billion Worth Of iPhones From India In FY 2024-25

Apple exported over Rs 1.5 lakh crore ($17.4 billion) worth of iPhones from India in the last fiscal year, highlighting the company’s growing shift away from China. India’s total smartphone exports crossed Rs 2 lakh crore for the year ending March 2025, a 54 per cent surge from the previous year, driven largely by Apple’s expansion. The company has rapidly scaled operations in India after Covid lockdowns disrupted production in China, with support from government subsidies and partnerships with Foxconn and Tata Group, which acquired local factories from Wistron and Pegatron.

Apple has begun routing more India-made iPhones to the US, especially as it stocks up ahead of a potential 50 per cent tariff hike by President Donald Trump on Chinese imports. While a full exit from China remains unlikely for now, the tariff threats and a lower proposed duty of 27 per cent on Indian goods could accelerate the company’s manufacturing shift toward India and Southeast Asia.

India is working to expand its presence in the global shipbuilding industry by facilitating joint ventures between state-run enterprises and major players from South Korea and Japan. Cochin Shipyard Ltd (CSL) is in advanced talks with Hyundai Heavy Industries for a new facility in Kochi, following a site visit by a Hyundai team earlier this year.

Meanwhile, South Korea’s Hanwha is scouting both public and private partners, with eyes on a facility near Kandla Port in Gujarat, while Japan’s Mitsui is sending a team in June to explore similar opportunities. The first JV deal could be signed within a couple of months, with more expected by year-end, as India seeks to capitalise on overstretched Asian shipyards and establish itself just behind China, Korea, and Japan.

Trump's Tariffs Against China To Hit 104 Per Cent

US President Trump will raise tariffs on all Chinese imports to a staggering 104 per cent on Wednesday, following a fresh 50 per cent hike announced after Beijing confirmed it would go ahead with retaliatory duties on US goods. This comes on top of the 34 per cent hike declared earlier as part of Trump’s “Liberation Day” tariffs package, and an earlier 20 per cent increase—bringing the total to 104 per cent.

China’s Commerce Ministry slammed the latest escalation as “a mistake upon a mistake” and promised to step up retaliation. It warned that the US was “playing with fire” and accused Washington of “sacrificing global supply chains for political theatrics.” US markets, which had opened strong, tumbled after the announcement, with the Dow falling 320 points and the Nasdaq down over 2 per cent.

Oil Slumps To Four-Year Low Amid Trade War Fears

Oil prices continued their sharp decline, hitting a four-year low as the escalating US-China trade war stoked fears of a global economic slowdown and weakened energy demand. West Texas Intermediate dropped for a fifth straight day to $57.64 a barrel, while Brent crude closed below $63, as markets reacted to tit-for-tat tariff threats and growing recession concerns.

The selloff has been intensified by US President Trump’s sweeping trade actions against around 60 countries, including a planned 104 per cent tariff on Chinese goods. Oil has joined other risk assets in a steep global slide, worsened by OPEC+ accelerating its easing of supply cuts.

From The States

Brutal Heatwave Sends Temperatures Soaring To 46.4°C

A searing heatwave gripped north India on Tuesday, with Rajasthan’s Barmer scorching at 46.4°C — nearly 8 degrees above normal. Delhi wasn't spared either, as Safdarjung logged a high of 41°C, prompting a yellow alert for Wednesday. The India Meteorological Department reported that 27 locations in Gujarat, Rajasthan, Maharashtra, and Madhya Pradesh recorded temperatures of 43°C or higher.

At least 19 of those experienced heatwave to severe heatwave conditions, including Jaisalmer (45°C), Surendranagar (44.8°C), and Mahuva, which saw an alarming jump of 8.3 degrees above normal. The IMD has urged precautions as the region battles one of the season’s harshest spells yet.

Kerala: ED To Launch Probe Against CM Vijayan’s Daughter

Kerala Chief Minister Pinarayi Vijayan’s daughter, T Veena, is likely to face a money laundering investigation by the Enforcement Directorate (ED), which is preparing to register a case against her. The scrutiny stems from a 2023 Income Tax case alleging that her now-defunct firm, Exalogic Solutions, received Rs 1.72 crore in illegal payments from Cochin Minerals and Rutile Limited (CMRL) in 2018-2019 without providing any services. The Serious Fraud Investigation Office (SFIO) later launched its own probe.

Last week, the Ministry of Corporate Affairs approved prosecution based on the SFIO’s chargesheet filed in Kochi. The ED is now reviewing the SFIO case papers, as the fraud charges fall under predicate offences listed in the Prevention of Money Laundering Act.

You’re all caught up—until next time.