Tariff news: Ahead of April 2nd deadline, India and US commence 3-day trade talks in Delhi

• India's government was confident that strong domestic demand for steel would offset the European Union's plans to tighten steel import quotas from April, a source with direct knowledge of the matter told Reuters.
• On Tuesday, the European Commission said it would tighten import restrictions on steel from next month in a bid to shield the ailing European steel sector from surging imports.
• The EU will reduce import quotas, known as safeguards, limiting the amount of steel that can be imported into the bloc of 27 nations tariff-free.
• "There will be some impact but our domestic consumption is growing so fast that the industry should be able to absorb," the source said, declining to be identified as India has not yet publically responded to the EU's move.
• India's federal Ministry of Steel did not respond to a Reuters email seeking comments.
• Among the EU's concerns were India's exports, as Europe is among the top destinations for Indian steel. (Reuters)

• India’s leading carmaker, Maruti Suzuki, announced on Wednesday that it will invest 74.1 billion rupees (approximately $864 million) to establish a third manufacturing plant in the northern state of Haryana.
• With this new facility, the company’s total production capacity in the region is expected to reach 750,000 units annually by 2029.
• Maruti Suzuki currently operates two plants in Kharkhoda, Haryana—one already in operation with an annual output of 250,000 vehicles, while the second, with the same capacity, is still under construction. (Reuters)

Key India-US trade talks commenced in New Delhi today, with US trade representatives and senior officials meeting their Indian counterparts for discussions. According to the latest reports, the agenda includes the formal launch of BTA negotiations.

• IndusInd Bank secured $2 billion in high-cost bulk deposits in March, marking its largest monthly fundraising in at least two years, as it bolstered its funding base following the revelation of accounting lapses.
• Earlier this month, the country’s fifth-largest private sector lender reported a $175 million shortfall in its balance sheet due to discrepancies in its derivatives portfolio, raising concerns over governance. In response, the bank appointed Grant Thornton to conduct a forensic review of the issue. Since the disclosure, IndusInd Bank’s shares have dropped nearly 27%.
• Public data from India’s clearing house revealed that the bank raised 165.50 billion rupees ($1.93 billion) in March by issuing certificates of deposits (CDs) with maturities ranging from three months to a year. Notably, about 85% of the funds were secured after the accounting lapses came to light.
• The bank paid 7.90% on its one-year CDs this month, an increase of 20 basis points compared to similar deposits issued in February, the data showed. - Reuters

The government has introduced a mandatory weekly wheat stock reporting requirement for traders, wholesalers, retailers and processors from all states and Union territories, starting April 1, as part of a comprehensive strategy to manage food security and prevent market speculation. Under the directive, all legal entities must declare their wheat stock positions on the government's online portal every Friday until further notice, according to an official statement on Tuesday. The wheat stock limit currently in place is set to expire on March 31. (PTI)

Bharti Airtel Launches IPTV Services Across 2,000 Cities In India

• India has discontinued parts of a scheme that encouraged households and institutions to deposit idle gold in exchange for interest payments.
• The gold monetisation scheme, introduced in 2015, included gold deposits for 1-to-3 years, 5-to-7 years and 12-to-15 years.
• The 5-to-7 and 12-to-15 year deposits have been discontinued, the finance ministry said late on Tuesday, citing evolving market conditions and performance of the scheme.
• Banks can continue to offer short-term gold deposits based on commercial viability, the ministry said.
• The move is likely to reduce the government's future obligations and minimise risks related to gold prices. While banks paid the interest on the short-term deposits, the government paid it for the medium- and long-term ones. (Reuters)

• Real estate major DLF has acquired nearly 50 per cent stake in its arm DLF Urban Pvt Ltd from Singapore-based GIC for Rs 497 crore.
• With this deal, DLF will have 100 per cent stake in DLF Urban Pvt Ltd, which has already completed a luxury housing project in the national capital.
• DLF's wholly-owned subsidiary DLF Home Developers Ltd (DHDL) has "acquired 49.997 per cent of the total paid-up equity share capital and compulsorily convertible debentures held by Reco Greens Pte Ltd in DLF Urban Pvt Ltd, a subsidiary of DHDL." Reco Greens Pte Ltd is a subsidiary of Singapore sovereign wealth GIC. - PTI

• Mounjaro Is A Big Opportunity, Given A Significant Number Of People Have Diabetes In India
• Currently, There Are No Unknown Risks For GLP-1 Drugs
• GLP-1 Mechanism Has Been There Since 2006 & Has Been Improving Over The Years
• We Have Had Shortages w.r.t GLP-1 Drugs, Need To Expand Capacity
• In The Middle Of A $50 Billion Expansion Plan
• There Is A Possibility That We Might Make Mounjaro Drug In India
• Wanted To Engage With The Indian Govt For Public Health Programme
• Our Patent For Semaglutide Does Not Expire For Another Decade
• Studies Are Ongoing w.r.t Mounjaro's Effect In Sleep Apnea, Congestive Heart Failure Treatment
• Mounjaro Can Help With Around 20% Weight Loss (As Shown In Shorter Studies)
• Science Shows It Is Difficult To Lose Weight With Only Diet Control, Exercise
• Have An Oral GLP-1 Drug (Orforglipron) In The Pipeline, Will Get Data In A Few Weeks
• Both Tariff & Non-tariff Barriers Should Fall Everywhere In The World
• US Tariffs Are Still Under Discussion, See Limited Impact On Us From Tariffs
• If The Price Of Generics Rise Due To Tariffs, It Will Raise The Cost Of Meds In US & Elsewhere
• 2024 Was The Year For GPT & GLP Drugs, Things Accelerating For Both
• Cost Of Putting Out A New Drug Is Around $4 Bn, This Is Before Marketing The Drug
• So Far, Our Success In Reducing New Drug Dvpt Time Has Come Without Help From AI

• Gold prices held steady on Wednesday as market participants squared positions ahead of U.S. President Donald Trump's sweeping reciprocal tariff plans, which they fear will fuel inflation and hinder economic growth.
• Spot gold held ground at $3,019.72 an ounce as of 0328 GMT. U.S. gold futures eased 0.1% to $3,023.60.
• "There are real concerns around U.S. economic growth and as well as inflation. U.S. is likely to face a stagflationary scenario, and that could support prices," said Soni Kumari, a commodity strategist at ANZ. (Reuters)

• RBI Governor Sanjay Malhotra at Financial Action Task Force (FATF) Private Sector Collaborative Forum 2025: Private sector plays vital role in keeping the financial system secure
• While technology has enabled ease of doing business, it fostered very sophisticated means of money laundering, so we need to be cautious
• Policymakers need to be mindful that our measures are not over-zealous and stifle innovation
• Against money laundering and terrorist financing, we as policy makers need to be mindful our measures are not over zealous
• India has made substantial progress in financial inclusion.
• We need to be mindful of customer rights and convenience while fulfilling the due diligence requirements
• We will continue to work towards implementation of the next phase of G20 roadmap towards cross border payments by 2027.

• The US may implement tariffs on copper imports within weeks, well before the 270-day deadline for a decision, Bloomberg reported Tuesday, citing sources familiar with the matter.
• In February, President Donald Trump instructed the Commerce Department to investigate possible copper tariffs and submit a report within 270 days. However, the review is progressing rapidly, with a decision expected soon, the report noted.
• Trump had earlier indicated his intent to impose tariffs, making the investigation seem largely procedural, Bloomberg added.

• The Indian rupee is set to open higher on Wednesday following weak U.S. consumer confidence data that heightened anxieties regarding the U.S. economic trajectory.
• The resumption of equity flows should provide an additional impetus to the rupee.
• The 1-month non-deliverable forward indicated that the rupee will open at 85.62 to 85.64 against the U.S. dollar compared with 85.7550 in the previous session.
• The Indian currency snapped a nine-day winning run on Tuesday, during which it has rallied by 2%. A predominantly softer dollar, the return of foreign capital to Indian equities, and the liquidation of bearish rupee bets contributed to the rise, per bankers. (Reuters)

Instant EPFO claims via UPI may become a reality. The EPFO or Employees' Provident Fund Organisation is working towards UPI integration with the processing claims, which will reduce the transaction time to minimal. In an interaction with news agency ANI, Labour and Employment Secretary Sumita Dawra confirmed the development and said that soon, all EPFO subscribers will be able to see their accounts in the UPI interface itself. Giving an integration timeline, Dawra said that it will take “around two to three weeks” to “stablise the centralised database.” (Read More)

In the final days of the program in January, Tesla submitted an unusually high number of EV rebate claims, with one dealership in Quebec City alone requesting nearly C$20 million in public subsidies after reporting over 4,000 electric vehicle sales in just one weekend.

Canada has suspended C$43 million ($30.11 million) in rebate payments to Tesla. According to the Toronto Star, which first reported the news, the order to halt payments was issued before Canadian Prime Minister Mark Carney declared a general election on April 28.

Tesla CEO Elon Musk, a close associate of Trump, has been at the forefront of the White House initiative to downsize the federal government and reduce spending in his role as head of the so-called Department of Government Efficiency.

US President Donald Trump has introduced a series of new tariffs, the majority of which are set to take effect in early April, including a hefty 25% tax on most imports from Canada and Mexico. On Monday, Trump announced that automobile tariffs would be implemented soon, though not all of the proposed levies would be enforced on April 2.

Canada’s Transport Minister stated in an emailed statement that no rebate payments will be issued until each claim undergoes individual scrutiny and is deemed valid. Freeland also instructed the transport department to revise eligibility criteria for upcoming iZEV programs, ensuring Tesla vehicles remain ineligible as long as the “illegitimate and illegal U.S. tariffs” continue to be enforced against Canada.

Tesla is facing new challenges as Canada has decided to halt rebate payments due to the escalating trade dispute between the two nations. According to a Reuters report, the Canadian government has not only suspended rebate disbursements but also barred Tesla from participating in future EV incentive programs. Transport Minister Chrystia Freeland has officially confirmed the decision.

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