Business
US tariff hikes no longer make economic sense: China
Beijing, April 17: A Chinese foreign ministry spokesperson said on Thursday that the United States’ 245 per cent tariff on certain products from China no longer makes economic sense.
It the US continues to play the “tariff numbers game”, it will pay no attention to it, according to the spokesperson, Xinhua news agency reported.
The statement came in the wake of White House’s statement that China faces tariffs of up to 245 per cent due to its retaliatory action.
China now faces up to 245 per cent tariffs on imports to the US as a result of its retaliatory tariffs, according to the White House Fact sheet.
This came after Beijing ordered its airlines not to take any further deliveries of Boeing jets in response to the earlier US decision to impose 145 per cent tariffs on Chinese goods.
According to the White House, the US President is open to making a trade deal with China, but Beijing should make the first move.
“More than 75 countries have already reached out to discuss new trade deals. As a result, the individualised higher tariffs are currently paused amid these discussions, except for China, which retaliated,” it said.
The White House also accused Beijing of banning exports to the US of gallium, germanium, antimony, and other key high-tech materials with potential military applications.
There are no winners in a trade conflict and the tussle between China and the US raises the risk of economic and geopolitical fallout, a report by S&P Global Ratings said this week.
Home to sizable manufacturing activities, Asia-Pacific is highly dependent on exports to the U.S. and China for growth. At the same time, Asia-Pacific depends on the US mostly for security.
The region could find itself pushed to take sides or walk a delicate line between the two large economies, the report stated.
To counteract tariffs, Asia-Pacific governments are exploring the formation of regional trade blocs or bilateral trade agreements. These efforts could accelerate, expediting the need to relocate supply sources and production.
China’s economic growth is seeing rising downside risk amid rising trade tensions with the US as its export engine falters from weaker global demand. The country’s domestic growth engine remains subdued, given the lingering real estate crisis, which is dragging down confidence.
Business
Govt asks Meta to review Facebook and Instagram recommendation systems

The Ministry of Electronics and Information Technology (MeitY) has asked technology giant firm Meta to review the content recommendation and ranking systems that power Facebook and Instagram, stepping up regulatory scrutiny of how social media algorithms amplify information in India, according to multiple reports.
In an advisory issued to the company, the ministry had asked Meta to ensure that its recommendation systems do not lead to the disproportionate exposure of users to a single or limited set of narratives and instead provide greater access to diverse, relevant and credible information, according to them.
The ministry also directed Meta to strengthen mechanisms for rapidly identifying, reviewing and escalating content that gains significant reach through recommendation systems when such material has the potential to contribute to public confusion, violence or disruption of public order.
Apart from that, the US-based company has been asked to implement the measures immediately and inform the government of the action taken.
The advisory specifically highlights photographs, videos and graphics related to ongoing public events where the authenticity, timing, location or surrounding circumstances may be unclear.
It calls for additional context where old or unrelated visuals are presented as current, where footage has been selectively edited or where unverified claims are made regarding emergencies, police action or other official measures.
Additionally, this marks the latest escalation in the government’s scrutiny of Meta’s moderation and recommendation systems.
Earlier in August, government officials questioned Meta executives over content recommendation algorithms, deepfakes, synthetic media and safeguards against unlawful content.
Meta has separately tightened content and advertising safeguards following concerns related to child sexual exploitation material.
The company said earlier this month it deployed new AI-driven advertising review systems and removed 5.3 million pieces of child sexual exploitation content in India during January-June 2026, with more than 98% detected proactively.
Business
Sensex, Nifty open flat amid mixed global cues

Domestic equity benchmarks opened on a flat note on Monday tracking mixed global cues and momentum from last week’s gains.
Sensex opened at 74,849.30, up 120.03 points or 0.16 per cent, while Nifty began trading at 23,150.85, up 4.70 points or 0.02 per cent.
Sectorally, Nifty PSU Bank led gains and rose over 1 per cent, followed by Nifty Oil & Gas which surged 0.6 per cent.
In contrast, Nifty Private Bank, Nifty IT and Nifty Chemicals dropped up to 1 per cent.
Market experts said momentum from Nifty’s 2.8 per cent surge last week and good results from banking majors after better-than-expected IT earnings could keep the market resilient.
“However, escalation of tensions in Hormuz and consequent surge in Brent crude to $109 will act as a strong headwind,” according to them.
They further said that attractive large-cap valuations and rupee appreciation turned FII stance slightly positive, though unlikely to sustain at high crude prices. Large-caps outperforming mid and small-caps is likely to continue, with stock-specific action on Q2 results.
For Nifty, immediate support is placed at 22,950–23,000, while resistance is seen at 23,250–23,300, the experts said and added that RSI strengthened to 52.81 above its average of 34.70, while PCR stood at 1.08.
In the previous session on October 16, FIIs turned net buyers after 15 straight sessions of selling, buying equities worth about Rs 1,166 crore, while DIIs ended their 45-session buying streak with net sales of around Rs 3,661 crore.
On commodities, Brent crude traded nearly 2 per cent lower at around $107.76 per barrel, while US WTI declined about 1 per cent to $100.43.
In Asia, markets were mixed. Japan’s Nikkei traded 0.84 per cent lower, while Hong Kong’s Hang Seng and South Korea’s KOSPI rose up to 0.83 per cent. Indonesia’s Jakarta Composite fell over 5 per cent.
Business
India-EFTA trade pact opens new opportunities for Norwegian investment across key sectors

India’s strong economic growth trajectory and the implementation of the India-EFTA Trade and Economic Partnership Agreement (TEPA) are creating significant opportunities for Norwegian investors, particularly in manufacturing, renewable energy, infrastructure, financial services and the digital economy, according to industry insights.
With GDP growth projected to remain around 6.5 per cent annually through 2030, India is widely expected to become the world’s third-largest economy by the end of the decade, according to EY India report.
Analysts attribute this outlook to strong domestic consumption, rising investments, ongoing infrastructure development and reforms aimed at improving the ease of doing business.
The India-EFTA TEPA, which came into effect in October 2025, is being viewed as a major milestone in India-Norway economic relations.
The agreement seeks to promote trade liberalisation, facilitate investment flows and deepen cooperation in areas such as innovation, sustainability and advanced technologies.
The pact includes investment commitments of $100 billion over 15 years and is expected to support the creation of one million direct jobs in India, aligning with the country’s broader goals of expanding manufacturing capacity and strengthening its position in global value chains.
Industry experts believe the agreement creates a strong framework for Norwegian companies to expand their presence in India by combining Norway’s expertise in technology, sustainability and capital-intensive industries with India’s large market and growth ambitions.
Several sectors have been identified as priority areas for collaboration, including manufacturing, renewable energy, oil and gas, maritime services, seafood processing, information and communication technology (ICT), fintech and financial services. These industries are expected to benefit from increasing bilateral cooperation under the TEPA framework.
The rapid expansion of India’s digital economy and digital payments ecosystem is also creating opportunities for Norwegian companies seeking exposure to one of the world’s largest and fastest-growing consumer markets.
At the same time, India’s policy measures aimed at attracting foreign investment are expected to provide a supportive environment for long-term investors, as per the report.
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