DAILY FROM: AHMEDABAD, CHANDIGARH, DELHI, JAIPUR, KOLKATA, LUCKNOW, MUMBAI, NAGPUR, PUNE, VADODARA JOURNALISM OF COURAGE FRIDAY, APRIL 4, 2025, NEW DELHI, LATE CITY, 22 PAGES `7.00 (`8 BIHAR & RAIPUR, `15 SRINAGAR) WWW.INDIANEXPRESS.COM SINCE 1932 SHOCK THERAPY SENDS U.S. MARKETS PLUNGING: DOW DOWN 3.4%, NASDAQ CRASHES 5.8%, OIL SLIDES 6% Trump Tariffs the World India exports hit with 27% tariff, Asian peers face higher duties RAVI DUTTA MISHRA C RAJA MOHAN NEW DELHI, APRIL 3 AS US President Donald Trump brings the curtains down on the age of globalisation, India willhavetounlearnmuch of itsapproachtointernational trade developed since the early 1990s. Prime Minister Narendra Modi’s visit to Washington in February, the government’sintensetradetalks BUSINESS AS USUAL US PRESIDENT Donald Trump launched the most aggressive global tariff war yet, even by his own standards set in the first term, dealing a blow to the postWorld War II liberal trade order that America helped build. He set the reciprocal tariff for India at 27 per cent, lower than many Asian rivals, but one that would impactexportingsectorssuchas gems and jewellery, and auto components. The announcements roiled marketsThursdaymorningwith the Dow industrials dropping 1,450 points, or 3.4 per cent, and the Nasdaq plunging 5.8 per cent. The turmoil didn’t stop with the stock markets; oil slid more than 6 per cent and the dollarfelltoitslowestlevelof the year dropping 2 per cent against the euro and Japanese yen. On Wednesday, Trump claimed his tariffs will “reverse the economic damage left by the previousadministration”andput America on a path to a “new golden age”. As a first step in re- HOWTO TRUMP TARIFFS By SHOUMITRO CHATTERJEE AFTERTHETARIFFS India must negotiate with US, pursue a more ambitious agenda for trade reform PAGE 10 setting the trade order, he imposed a blanket 10 per cent tariff CONTINUED ON PAGE 2 Waqf Bill set to get Parliament stamp, BJD, YSRCP say no whip Pharma gains on exemption, but gems, jewellery and auto may take a hit AGGAM WALIA & RAVI DUTT MISHRA NEW DELHI, APRIL 3 THE TRUMP administration’s imposition of 27 per cent duty onimportsfromIndiaissettohit a range of sectors — from gems and jewellery and smartphones to solar photovoltaic modules P5 and auto-components. Steel, aluminium and automobiles,onwhichTrumphadalready imposed 25 per cent tariffs earlier in March, will not attract the new reciprocal tariffs. The executive order signed by the US President on April 2 also exempts, as of now, certain critical minerals, energy products, pharmaceuticals and bul- Supreme Court judges to make their assets public P6 lion, from US tariffs. Asmarketsreactedadversely to the sweeping tariff changes that the US announced for its trading partners, the Indian government said it is engaged with theindustryandexporters toassess the situation and examine the implications. The Commerce and Industry CONTINUED ON PAGE 2 Face-off with L-G, Omar writes to MHA on transfer of officials P6 sweeping tariff war against America’s trade partners Wednesday, Trump was not the only one who spoke. Trump invited Brian Pannebecker, a retired auto worker from Detroit, once the heart of the world’s car production, to speak up. Pannebecker had brought along a group of 20 comrades from the United Auto Workers Union, dressed in green jackets and hard hats. Expressing full support for Trump’s tariff war, CONTINUED ON PAGE 2 In dark cloud, a few silver linings for India: Tariff level, trade talks, reforms US President Donald Trump announces the new tariffs at the White House Wednesday. AP THE EDITORIAL PAGE with the Trump Administration over the last few days, and its cautious response to the imposition of 27 per cent tariffs on IndianimportsunderlineDelhi’s recognition of the dramatic shift in America’s domestic politics on trade, the historicturnintheevolution of the global economic ● order and the need for a prudent handling of the current moment. At the White House Rose Garden ceremony announcing a E BY UNNY EXPLAINED NEW DELHI, APRIL 3 INSIDE Trump shreds old globalisation map, what India needs for the road ahead ANIL SASI NEW DELHI, APRIL 3 PAGES 12, 13, 14 US PRESIDENT Donald Trump’s announcement Wednesday of sweeping tariffs has deepened global anxiety and sent nations scrambling to respond. In the portents of dark economic clouds,thereare,asof now,three silver linings for India: India, Thailand plan: Strategic partnership, strategic dialogue P6 Comparative advantage Tariffsworkonacomparative basis,andwhilethelevyimposed byonecountryonanotherisimportant, more consequential is the tariff rate applied on the latter’s competitors. So,whilethetariff slappedby theUSonIndiaiskey,whatcould CONTINUED ON PAGE 2 Given two hours before homes razed: Prayagraj petitioners P7