South Korea is the US’s sixth-biggest trading partner, with the Asian country’s surplus jumping about 25% in 2024 from the previous year to about $55.7 billion, a factor that Trump focused on when deciding so-called reciprocal levies.

US President donald Trump's approval rating on the economy has dropped to 43%, the lowest of his presidential career, with 55% disapproval. Inflation and tariffs are major concerns for the respondents.

After 14 rounds of discussions since the talks began in January 2022, the process has now entered its final stages, with officials indicating that deliberations are progressing at an accelerated pace. Parallel to the UK discussions, India is also advancing trade negotiations with the European Union (EU). Sources said that both sides are considering an "early harvest agreement" covering core trade issues. 

Observing that the Indian economy and the financial markets have demonstrated remarkable resilience, Malhotra cautioned that "they are not immune to the vagaries of an uncertain and volatile global environment."

India's chief negotiator, Additional Secretary in the Department of Commerce Rajesh Agrawal, will lead the team for the first in-person talks between the two countries. Agrawal was appointed as the next commerce secretary on April 18. He will assume office on October 1.

This development comes at a time, when the US executive and its central banking system are at loggerheads, potentially paving way for a rare showdown.

China expanded government spending at the fastest rate for any first quarter since 2022, ramping up support for an economy bracing for foreign demand declines as a trade war with the US intensifies.

The government has reshuffled key ministries, appointing new secretaries for Revenue, Economic Affairs, Expenditure, and other portfolios, effective immediately.

While GST can apply to service charges like the Merchant Discount Rate (MDR) associated with certain payment methods, the government clarified that no MDR is charged on Person-to-Merchant (P2M) UPI transactions.

Addressing industry representatives in Chhatrapati Sambhajinagar in Maharasthra, Indian Defence Minister Rajnath Singh said defence exports have risen from ₹600 crore in 2014 to ₹24,000 crore.