Morning Brief: US-China Trade War Opens Doors For Indian Exporters; Adani To Launch One Of World’s Biggest Copper Smelters; Trump Awaits Xi’s Call, But It’s Not Coming

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US-China Trade War Opens Doors For Indian Exporters

India has started identifying export opportunities arising from the US-China trade war, especially as Indian exporters have received a 90-day relief from an additional 26 per cent duty. This temporary reprieve allows Indian exporters and their buyers to adjust pricing and potentially share the burden of the existing 10 per cent US tariff. Officials clarified that talks on a Bilateral Trade Agreement with the US will continue as planned despite the tariff pause.

Exporters in sectors like textiles, apparel, and footwear see a chance to gain US market share, especially as China faces steep 125 per cent tariffs, but are wary of Chinese goods flooding European markets instead. With the US importing $120 billion worth of textiles annually—$30 billion of which used to come from China—India could benefit significantly, though underinvoicing and global competition remain key concerns.

Adani To Launch One Of World’s Biggest Copper Smelters

Adani is set to begin operations at its massive Kutch Copper smelter in Gujarat within the next four weeks. The facility, which recently produced its first copper anodes during the commissioning phase, is positioned to become one of the largest metallurgical complexes for copper and other metals globally. It has secured environmental clearances to scale up production in the future.

The launch coincides with a global copper supply crunch that has pushed treatment and refining charges into negative territory, impacting the profitability of Asian smelters. The commissioning also aligns with India’s rising copper demand, driven by rapid industrialisation and the ongoing energy transition, with consumption reaching 1.7 million tonnes in 2023–24—up 13 per cent year-on-year.

Trump Awaits Xi’s Call, But It’s Not Coming

A full-blown trade war between the Us and China is taking shape, with both nations locked in a high-stakes standoff. President Donald Trump has refused to initiate contact, insisting that Chinese President Xi Jinping must be the one to request a leader-level call. White House officials say Trump views Beijing as the aggressor in the latest escalation and believes Xi must now make the first move. The stance has been conveyed to China for over two months, but Beijing has declined to engage at the top level.

Meanwhile, Trump has paused tariffs on most countries but hiked levies on Chinese goods to 145 per cent, further straining ties with Xi. One key hurdle, according to Trump’s team, is Xi’s reluctance to appear weak by approaching the US first. Trump, meanwhile, is holding out for what he calls a “grand bargain” — one that boosts American exports, curbs fentanyl shipments from China, and restructures TikTok for US users.

Other Developments

PM Modi's 50th Visit To Varanasi Today

Prime Minister Narendra Modi will visit Varanasi in Uttar Pradesh and Anandpur Dham in Madhya Pradesh today, 11 April. In Varanasi, which has been his Lok Sabha constituency since 2014, this will be his 50th visit. He will inaugurate and lay the foundation stone for development projects worth over Rs 3,880 crore.

Later in the day, the PM will perform prayers at Guru Ji Maharaj Temple in Isagarh, Madhya Pradesh, and address a gathering at Anandpur Dham.

26/11 Plotter Tahawwur Rana Sent To 18-Day NIA Custody 

Former Pakistan Army doctor Tahawwur Rana, a key accused in the 2008 Mumbai terror attacks, has been remanded to 18 days in NIA custody after being extradited from the United States and produced before a Special NIA Court in Delhi. Rana is accused of aiding David Headley, who conducted reconnaissance for the attacks, by setting up a Mumbai office for his firm to provide Headley with cover.

Investigators say Rana visited India days before the attacks, staying in a five-star hotel from November 11 to 21, 2008. Emails cited in the chargesheet indicate that Rana acted as a link between Headley and Pakistan’s ISI. The 26/11 attacks killed 166 people, including six Americans, in a 60-hour assault by ten Pakistani terrorists across Mumbai.

Indian markets are expected to see a short-lived relief rally of 3-5 per cent on Friday, driven primarily by short covering after missing Thursday’s global surge due to a holiday. This optimism, however, is tempered by a sharp drop in US indices late Thursday, as Wall Street reacted nervously to President Trump’s inconsistent tariff moves.

Trump’s 90-day pause on most tariffs—excluding a still-active 10 per cent blanket duty and harsh levies on China—sparked a temporary rally but failed to restore investor confidence. Asian markets soared Thursday, with Japan and Taiwan jumping over 9 per cent, while China and Hong Kong rose more moderately.

Analysts warn the bounce in Indian stocks may not be sustainable, as US Treasury yields and escalating US-China trade tensions continue to weigh on sentiment.

Gold Hits New High As US-China Tariff Tensions Rise

Gold prices jumped nearly 3 per cent to a record high on Thursday as investors sought safety amid a weakening dollar and rising trade tensions between the US and China. Spot gold rose to $3,168.26 an ounce, while US gold futures hit $3,185.50 after President Trump raised tariffs on China to 125 per cent. The dollar index dropped over 1 per cent, making gold more attractive to foreign investors. The yellow mettle hit Rs 92,400 per 10 grams on the multi-commodity exchange (MCX).

US inflation data showed a decline in March, but risks remain due to heightened trade measures. Traders now expect the Federal Reserve to begin cutting rates in June, with a full percentage point reduction possible by year-end.

Trump Awaits Xi’s Call, But It’s Not Coming

A full-blown trade war between the Us and China is taking shape, with both nations locked in a high-stakes standoff. President Donald Trump has refused to initiate contact, insisting that Chinese President Xi Jinping must be the one to request a leader-level call. White House officials say Trump views Beijing as the aggressor in the latest escalation and believes Xi must now make the first move. The stance has been conveyed to China for over two months, but Beijing has declined to engage at the top level.

Meanwhile, Trump has paused tariffs on most countries but hiked levies on Chinese goods to 145 per cent, further straining ties with Xi. One key hurdle, according to Trump’s team, is Xi’s reluctance to appear weak by approaching the US first. Trump, meanwhile, is holding out for what he calls a “grand bargain” — one that boosts American exports, curbs fentanyl shipments from China, and restructures TikTok for US users.

From The States

ECI Resumes Hearing On AIADMK Symbol Dispute

The Election Commission of India has resumed hearings on the AIADMK’s internal leadership and symbol dispute following the Madras High Court’s decision to lift an interim stay on its proceedings in February. The matter concerns whether complaints filed by the O. Panneerselvam (OPS) faction qualify as a dispute under Paragraph 15 of the 1968 Election Symbols (Reservation and Allotment) Order.

The EPS-led AIADMK, which had secured recognition from the ECI in 2023, maintains that no rival faction exists and the issue is settled, citing overwhelming support within the party. The Commission has been directed by the court to first establish whether a dispute exists before deciding which faction, if any, retains rights to the party’s symbol.

Prashant Kishor Hints At High-Stakes Political Debut

Prashant Kishor has signalled a high-stakes political debut, saying he is ready to take on Tejashwi Yadav in Raghopur in the assembly elections if his Jan Suraaj Party so decides. Positioning himself as the alternative to both the RJD and NDA, Kishor declared that Nitish Kumar’s political innings is over and the BJP will never let him return as Chief Minister.

He framed the Bihar polls as a referendum on corruption, migration, and a collapsed governance system, while accusing both Nitish and Tejashwi of perpetuating caste-driven politics. Kishor dismissed charges of minority appeasement and asserted his party would offer representation to all communities based on merit and numbers, not vote-bank arithmetic.

You’re all caught up—until next time.