Donald Trump Criticizes India’s Tax System; Reciprocal Tariffs to Start April 2
U.S. President Donald Trump denounces India’s tax system as unfair, with reciprocal tariffs slated for April 2. China targets 5% GDP growth amid trade tensions, while India’s stock markets rise and oil prices slide due to OPEC+ output increases. Coforge announces a stock split, and Adani Wilmar plans to acquire GD Foods.
In a recent address, United States President Donald Trump criticized the “unfair systems” of several countries, specifically mentioning India, the European Union, and China. He reiterated his long-standing position that these nations have imposed tariffs on the United States for decades and indicated that it is now the U.S.’s turn to respond. Trump specifically highlighted India’s 100% auto tariffs as particularly egregious, declaring that starting April 2, reciprocal tariffs will be enforced. Under this new policy, the tariffs that other countries levy against the U.S. will be matched by U.S. tariffs on those nations, stating, “whatever they tax us, we will tax them.”
In additional economic news, China has set its Gross Domestic Product (GDP) target for 2025 at approximately 5%. The Chinese government plans to issue further economic stimulus to contend with ongoing trade tensions with the U.S. This target aligns with market expectations, as does the country’s fiscal deficit objective, which is projected at around 4% of GDP—the highest in over thirty years.
On the stock market front, Indian equities are experiencing growth, with the Sensex index climbing over 500 points to reach 73,497, and Nifty rising by more than 2% to stand at 38,096. This positive trend in domestic markets comes amidst concerns over global economic impacts from tariffs and geopolitical tensions.
Simultaneously, oil prices have been adversely affected by a planned increase in OPEC+ output in April and the pressures from U.S. tariffs on Canada, Mexico, and China. These factors have contributed to a decline in oil prices, which recently reached multi-month lows.
In corporate developments, Coforge has announced a stock split, transforming each Rs 10 equity share into five shares of Rs 2. The decision, pending shareholder approval, reflects the company’s growth strategy and has already resulted in a more than six percent increase in stock price.
Finally, Adani Wilmar has confirmed it will acquire GD Foods, the owner of the “Tops” FMCG brand, through a phased process valued at Rs 603 crore. This acquisition will enhance Adani Wilmar’s market presence in the culinary sector.
In summary, President Trump has announced reciprocal tariffs starting April 2, calling attention to what he perceives as unfair taxation by other nations, particularly India. Meanwhile, China is adjusting its economic targets in response to trade wars, Indian stock markets are climbing, and significant corporate acquisitions are occurring. The global economic landscape remains impacted by tariffs and output changes within major oil-producing organizations.
Original Source: www.moneycontrol.com
