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India offers to slash tariff gap by two-thirds in dash to seal trade pact with Trump

NEW DELHI, May 9 (Reuters) – India has offered to slash its tariff gap with the U.S. to less than 4% from nearly 13% now, in exchange for an exemption from President Donald Trump’s “current and potential” tariff hikes, two sources said, as both nations move fast to clinch a deal. This would mean that the average tariff differential between India and the U.S., calculated across all products without weighting for trade volume, would be reduced by 9 percentage points, in one of the most sweeping changes to bring down trade barriers in the world’s fifth largest economy. The United

India, Pakistan accuse each other of attacks as hostilities rise

JAMMU, India/ISLAMABAD, May 9 (Reuters) – India and Pakistan accused each other of launching new military attacks on Friday, using drones and artillery for the third day in the worst fighting between the nuclear-armed South Asian neighbours in nearly three decades. The old enemies have been clashing since India struck multiple locations in Pakistan on Wednesday that it said were “terrorist camps”, in retaliation for a deadly attack on Hindu tourists in Indian Kashmir last month. Pakistan denied it was involved in the attack but both countries have exchanged cross-border fire and shelling and sent drones and missiles into each

India suspends IPL cricket league amid tensions with Pakistan, source says

NEW DELHI, May 9 (Reuters) – India’s cricket board has suspended the Indian Premier League (IPL) tournament, one of the world’s richest sports leagues, amid rising tensions between India and Pakistan, a source with direct knowledge of the matter told Reuters on Friday. The suspension will come as a major setback for a Reliance-Disney joint venture which has broadcast rights for the matches, and also scores of companies who have commmitted millions of dollars for advertising. After striking the $8.5-billion media merger with Walt Disney last year, Indian billionaire Mukesh Ambani’s Reliance was targeting small businesses and promoting unconventional neuroscience

China’s exports to US sink, offset by trade with other economies, as US tariffs hit global trade

May 9, 2025 (AP) China’s exports to the United States tumbled in April while its trade with other economies surged, suggesting that President Donald Trump’s tariffs offensive is hastening a shakeup in global supply chains. Total exports from China rose 8.1% last month from a year earlier, much faster than the 2% pace most economists had been expecting. That was much slower than the 12.4% year-on-year increase in March. Imports fell 0.2% in April from the year before. Shipments to the U.S. sank 21% in dollar terms as Trump’s tariffs on most Chinese exports rose to as high as 145%.

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