China has announced a 7.2% increase in its defence budget for 2024, raising military spending to $249 billion as the country continues its aggressive modernization efforts amid escalating regional tensions. The budget, which was revealed in a draft report submitted to the National People's Congress (NPC) by Premier Li Qiang, underscores China’s strategic focus on military expansion in the Taiwan Strait, South China Sea, and its border with India. This increase follows China’s

The latest round of tariff hikes by US President Donald Trump has triggered immediate countermeasures from Canada, China, and Mexico, escalating tensions in global trade. Beginning Tuesday, the US is imposing a 25% tariff on imports from Mexico and Canada while also raising tariffs on all Chinese imports from 10% to 20%. In response, these nations have announced their own economic retaliations, signaling a sharp rise in trade disputes.Canadian Prime Minister Justin Trudeau and Chinese officia

Billionaire investor Warren Buffett has strongly criticized US President Donald Trump's latest tariffs, calling them “an act of war” and warning about their economic impact. In an interview with CBS on Sunday, Buffett argued that tariffs function as a tax on consumers and ultimately drive up prices.“Tariffs are actually—we've had a lot of experience with them—they're an act of war, to some degree,” Buffett said. He added that consumers, not fore

India and the European Union (EU) have set a year-end deadline to finalize a long-awaited free trade agreement (FTA), marking a crucial milestone in their bilateral trade relations. The announcement came after Prime Minister Narendra Modi and European Commission President Ursula von der Leyen met in New Delhi to strengthen India-EU economic and strategic ties.The trade agreement, under negotiation for several years, aims to expand economic cooperation, boost trade, and enhance market access b

The World Bank has advised India to lower import tariffs, ease regulatory restrictions, and simplify trade processes to enhance its global trade competitiveness and attract foreign investment. In a report released on Friday titled the Economic Memorandum on India, the World Bank highlighted that high trade costs caused by import tariffs on intermediate and capital goods, as well as non-tariff barriers, are limiting India's participation in global value chains (GVCs).The report emphasized

Washington, DC: US President Donald Trump has reaffirmed his decision to impose 25% tariffs on imports from Mexico, Canada, and the European Union, tying them to border security concerns and trade imbalances. The tariffs, initially set for March 4, are now expected to take effect on April 2, giving businesses and trade partners a brief window to prepare.   Trump Links Tariffs to Fentanyl Crisis and Border Security During his first Cabinet mee

In February 2025, US President Donald Trump’s announcement of a 30-day pause on tariffs against Mexico and Canada brought a brief sense of relief to global markets. The decision helped prevent a potential escalation of a full-blown trade war, with US equity futures and international markets responding positively. However, concerns linger about the long-term effects of tariffs on industries such as automotive, semiconductor, consumer goods, e-commerce, and green energy.  

Overview of China’s Technological Progress and India’s Struggles In the first paragraph, Nithin Kamath highlights the significant technological progress made by China, particularly in AI with startups like DeepSeek. Kamath draws a historical comparison between China and India’s development, noting that both countries had similar per-capita GDP in the 1960s and 7

India and China recently concluded a two-day foreign secretary-level meeting where several important decisions were made, marking a step toward stabilizing and rebuilding bilateral relations. The most significant outcome was the agreement to resume the Kailash-Mansarovar yatra during the summer, which has been suspended since 2020 due to the COVID-19 pandemic. The resumption of this sacred pilgrimage to Mount Kailash and Mansarovar lake in Tibet is expected to ease tensions and foster people-

Trump's Tariff Announcement and Border Security: President Donald Trump announced plans to impose tariffs of up to 25% on Mexico and Canada, effective February 1, 2025, arguing that both countries are contributing to illegal immigration and drug smuggling into the US. This move, part of his broader trade policy agenda, comes after his inauguration address, where he emphasized using tariffs to strengthen the US economy. However, such tariffs could risk igniting a trade con

During a visit to SpaceX's Starbase facility in Texas on Friday, Elon Musk shared his optimistic view on the growing India-US trade relationship, stating that the bilateral ties are “trending positive.” Musk, a key player in both the automotive and technology sectors, expressed his support for lowering trade barriers between the two nations to foster increased commerce and

Impact of China’s Export Restrictions on Indian Manufacturing: India’s manufacturing industry is facing significant disruptions due to China’s export restrictions, which are part of the ongoing trade tensions between the United States and China. These curbs primarily affect industries in India that rely on raw materials, machinery, and components from China, such as the solar po

Expansion of China's Trade-In Scheme China is extending its consumer trade-in program, originally launched in March 2024, to help stimulate demand in the struggling household sector. The scheme now includes additional home appliances such as microwave ovens, dishwashers, and rice cookers. In an effort to boost the digital goods market, subsidies are also being offered for products like smartphones, tablets, and smartwatches. Consumers who trade in old products can receive subsidies

On December 13, 2024, the United States and China signed a bilateral science and technology agreement, revising a 45-year-old pact. However, this new agreement limits research collaboration and narrows the scope of topics allowed for joint study, reflecting heightened concerns over international research security. Governments worldwide, including the U.S., European Union, Canada, and Japan, have introduced stricter measures to safeguard sensitive scientific data from foreign interference, esp

India's government is investigating rising steel imports, particularly in two categories of flat-rolled steel products (HS 7208 and 7210), which account for over 75% of the surge in imports. Instead of implementing global safeguards, experts suggest that India should focus on Free Trade Agreement (FTA)-specific safeguards and measures targeting China. Many imports come duty-free under FTAs with coun

2024 has been officially declared the hottest year in China’s history, with the national average temperature reaching 10.92°C (51.66°F), according to the China Meteorological Administration. This marks the fourth consecutive year of record-breaking heat in the country. The year witnessed the hottest month, July, along with the warmest August and autumn season on record. Global temperature records were also shattered, with the United Nations confirming that 2024 was set to be the

In his New Year's Eve address, Chinese President Xi Jinping reiterated his stance on Taiwan, declaring that "no one can stop the reunification" of Taiwan with mainland China. This declaration comes amidst heightened tensions, as Beijing has intensified military pressure on the island through numerous air force and naval drills in recent years. Taiwan, a democratic nation, stands in contrast to China’s communist government, with Beijing viewing Taiwan as an integral part of

The US Treasury Department confirmed that a China state-sponsored actor was responsible for a recent cyber breach, compromising its workstations and some unclassified documents. The incident occurred earlier this month when the actor gained access through a third-party cybersecurity provider, BeyondTrust. Once the breach was detected, Treasury swiftly contacted the US Cybersecurity and Infrastructure Security Agency and began working with law enforcement to investigate the incident and assess

India has initiated anti-dumping investigations into two Chinese products—nylon filament yarn and trimethyl dihydroquinoline (TDQ). The investigations were triggered by petitions from domestic companies, such as Century Enka Ltd., Gujarat Polyfilms Ltd., and Oriilon India Ltd., for nylon filament yarn, and NOCIL Ltd. for TDQ. The Directorate General of Trade Remedies (DGTR) is looking into whether these cheap imports from China and Vietnam have caused material harm to local industries.

India has started a probe into the alleged dumping of liquefied natural gas (LNG) fuel tanks from China, following a complaint by domestic company Inox India Ltd. The company has requested the imposition of anti-dumping duties, claiming that the influx of cheap imports is negatively affecting the profit margins of the domestic industry. These LNG fuel tanks are used for transporting methane gas in vehicles like trucks. The Directorate General of Trade Remedies (DGTR), which handles