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Trump’s tariff exemptions give markets relief, but tensions loom

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Trump’s tariff exemptions give markets relief, but tensions loom


A specialist works at his post on the floor of the New York Stock Exchange, on April 14, 2025.
| Photo Credit: AP

U.S. tariff exemptions for electronics prompted market rallies Monday (April 14, 2025) from Asia to Wall Street, but failed to settle nerves over a global trade war that Chinese leader Xi Jinping warned would have “no winner.”

Wall Street was buoyant, with the Dow Jones index rising one percent shortly after the opening and the S&P 500 up 1.45 percent. This followed boosts on Asian and European markets.

Investors are relieved at the apparent easing of pressure in President Donald Trump’s wide-ranging but often chaotic attempt to reorder the world economy by using tariffs to force manufacturers to relocate to the United States.

Tit-for-tat exchanges have seen U.S. levies imposed on China this year rise to 145%, and Beijing setting a retaliatory 125% barrier on U.S. imports.

But even the electronics tariff reprieve — that US officials late Friday said would mean exemptions from the latest duties against China for a range of high-end tech goods such as smartphones, semiconductors and computers — brought new uncertainty.

Mr. Trump suggested Sunday that the exemption would be only temporary and said he still planned to put barriers up on imported semiconductors and much else.

“NOBODY is getting ‘off the hook’ for the unfair Trade Balances,” Trump blasted on his Truth Social platform. “We are taking a look at Semiconductors and THE WHOLE ELECTRONICS SUPPLY CHAIN.”

On Monday in remarks at the White House, Trump once again pivoted to suggesting possible compromise, saying he was “looking at something to help some of the car companies” hit by his 25% tariff on all auto imports.

“I don’t want to hurt anybody,” he said.

The Chinese Commerce Ministry said Friday’s move was only “a small step” and all tariffs should be cancelled.

China’s Xi warned Monday — as he kicked off a Southeast Asia tour with a visit to Vietnam — that protectionism “will lead nowhere” and a trade war would “produce no winner.”

-Short-lived relief?

Mr. Trump initially unveiled huge tariffs on countries around the world on April 2.

He then made an about-face a week later when he said only China would face the heaviest duties, while other countries got a global 10% tariff for a 90-day period.

The trade war is raising fears of an economic downturn as the dollar tumbles and investors dump U.S. government bonds, normally considered a safe haven investment.

And the latest wrangling over high-tech products — an area where China is a powerhouse — illustrates the uncertainty plaguing investors.

Washington’s new exemptions will benefit US tech companies such as Nvidia and Dell as well as Apple, which makes iPhones and other premium products in China.

But the relief could be short-lived, with some of the exempted consumer electronics targeted for upcoming sector-specific tariffs on goods deemed key to US national defense networks.

On Air Force One Sunday, Mr. Trump said tariffs on semiconductors — which power any major technology from e-vehicles and iPhones to missile systems — “will be in place in the not distant future.”

The US president said he would announce tariffs rates for semiconductors “over the next week,” and Commerce Secretary Howard Lutnick said they would likely be in place “in a month or two.”

-Negotiations

The White House says Mr. Trump remains optimistic about securing a trade deal with China, although administration officials have made it clear they expect Beijing to reach out first.

U.S. Trade Representative Jamieson Greer told CBS’s “Face the Nation” on Sunday that “we don’t have any plans” for talks between Trump and Xi.

The Trump administration also says that dozens of countries have already opened trade negotiations to secure deals before the 90-day pause ends.

Japanese Economic Revitalization Minister Ryosei Akazawa will visit Washington for negotiations this week, with his country’s automakers hit by Trump’s 25% tariff on the auto sector.

He warned that Japanese company profits are already “being cut day by day.”

“I will do my best, bearing in mind what’s best for our national interests and what is most effective,” Akazawa said in parliament.



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Dubai emerges as global launchpad for AI startups | World News – The Times of India

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DUBAI, UAE: AI startups from across the globe are increasingly choosing the UAE as their base, drawn by the country’s accelerating pace of innovation and growing reputation as a research and talent hub, speakers revealed at Dubai Assembly for AI, part of Dubai AI Week 2025.
In a session titled “Dubai as a Launchpad: Competing on the Global Stage”, Sachin Dev Duggal, founder and chief wizard of Builder.ai, shared why the startup moved its headquarters to Dubai. “There’s massive demand across the GCC, and the market’s inherent stability makes it the perfect base. The leadership here is incredibly open to building AI-powered platforms, and the legislation reflects that.”
He added, “I have a strong sense that the pace of innovation in Dubai is accelerating rapidly. When capital, talent, and R&D support are aligned, the UAE has all the ingredients to become a true global hub for advanced research and breakthrough technologies.”
Jad Antoun, CEO of Huspy, described the country’s Golden Visa programme as a “gamechanger,” adding that the UAE “provides the stability to build a global company–and attract great talent.”
Lin Kayser, CEO of Leap71, reflected on his move to Dubai saying, “I’ve been founding companies for 30 years, and when we moved here, it was a breath of fresh air. People were supportive and open. They said: That’s cool–let’s do it.”
In a session titled “Global CAIOs: Early Study Findings by Dubai Future Foundation & IBM”, attendees heard how AI is transforming Dubai’s government entities.
Mohammed AlMudharreb,executive director of the Corporate Technical Support Services Sector and CAIO at RTA, said, “Our chatbot has already handled over 23 million conversations. These are the results you get when data, alignment, and execution come together–but we’re still just scratching the surface.”
Juma AlGhaith, advisor to the general manager and CAIO at Dubai Customs, stated, “AI isn’t just improving how things work–it’s giving us a chance to rethink and transform them completely.”
Mario Nobile, Director-General of the Agency for Digital Italy, emphasised that “coordination, not competition, will define AI leadership.”
Presenting findings from a new global survey of 624 Chief AI Officers across 22 countries, Anthony Marshall, Senior Research Director at the IBM Institute for Business Value, said, “Only 25 percent of executives believe their infrastructure is ready for AI at scale. While the average CAIO leads a team of just five people, the expectations placed on them are enormous.”
A panel titled ‘Fuelling the Future: Investing in AI Startups within Dubai’s Ecosystem’ showcased how Dubai is cultivating a thriving AI startup landscape.
Akshat Prakash, CTO and Co-founder of CAMB.AI, said, “Dubai offers a rare combination of cultural diversity, strategic location, and a supportive innovation ecosystem–making it an ideal environment to build a truly global company.”
Nuha Hashem, Co-founder of CozmoX AI, highlighted the region’s proactive role in the AI age, noting, “During the dotcom boom, this region lagged in adoption. But with AI, we’re building in real time. Companies here aren’t just catching up–they’re creating world-first solutions, sometimes before the trend even goes global.”
She added, “As a female founder in the UAE, I feel empowered. Your vision and your work matter more than your gender–and that’s powerful.”
In a fireside chat titled ‘Revolutionising Education Through Metaverse and AI’, Yat Siu, Co-Founder and Executive Chairman of Animoca Brands, compared today’s AI revolution to the early resistance against calculators in schools.
“Back then, people weren’t allowed to use calculators in math. Today, the same accusations are being thrown at AI. But just like calculators deepened our understanding, AI will do the same across subjects,” he said.
He warned that without accessible infrastructure, AI could widen global inequalities: “Governments once subsidised calculators until solar versions solved the energy issue. But AI requires compute and training data. Without grants and licences, it won’t be equally accessible–and we risk creating a digital divide.”





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Hong Kong allows outspoken Cardinal Joseph Zen to attend Pope’s funeral

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Catholic Cardinal Joseph Zen. File
| Photo Credit: AP

Hong Kong‘s outspoken Roman Catholic Cardinal Joseph Zen was allowed to leave the southern Chinese city to attend Pope Francis’ funeral in Vatican City.

“Cardinal Zen, a 93-year-old retired bishop, left Hong Kong on Wednesday (April 23, 2025) night after applying at a court to get back his passport,” his secretary told The Associated Press in a text message on Thursday (April 24, 2025.)

Authorities confiscated his passport after his controversial arrest under a Beijing-imposed national security law in 2022.

Pope Francis’ body transferred to St. Peter’s Basilica for 3 days of public viewing

Cardinal Zen is among the critics in recent years who have said the Vatican’s agreement with Chinese authorities on the appointment of bishops betrays pro-Vatican Chinese Catholics.

He has also criticised Secretary of State Pietro Parolin, the official charged with negotiations with Beijing, as a “man of little faith.” Mr. Parolin is considered one of the main contenders to be the next Pope, given his prominence in the Catholic hierarchy.

On Tuesday (April 22, 2025), media reports said Cardinal Zen had issued a critique of the Vatican, questioning why pre-conclave meetings started as early as Tuesday (April 22, 2025). The AP could not independently verify the reports, but Cardinal Zen reposted the reporters’ posts about his statement on his X account.

Pope Francis death updates: Public viewing of pontiff in St. Peter’s Basilica from April 23, funeral on April 26

His secretary said Cardinal Zen would return to Hong Kong after the late Pope’s funeral, which is scheduled for Saturday (April 26, 2025). But she was unsure about his exact return date.

It was not the first time he had to go through the city’s court to leave Hong Kong. In 2023, he went through similar procedures to pay his respects to the late Pope Emeritus Benedict XVI.

Cardinal Zen was first arrested in 2022 on suspicion of colluding with foreign forces under the security law. His arrest sent shockwaves through the Catholic community at that time.

While Cardinal Zen has not yet faced national security-related charges, he and five others were fined in 2022 after being found guilty of failing to register a now-defunct fund that aimed to help people arrested in widespread 2019 pro-democracy protests in Hong Kong. A hearing on his appeal against the conviction is scheduled for December.

The life and times of Pope Francis

Separately, Hong Kong Cardinal Stephen Chow will travel to the Vatican for the conclave, the city’s Catholic Social Communications Office said on Thursday (April 24, 2025.)

In 2023, a Beijing bishop who was installed by China’s state-controlled Catholic church as an archbishop visited Hong Kong at the invitation of Cardinal Chow. It was the first-ever official visit by a Beijing bishop to the city.

Experts at that time said Cardinal Chow’s invitation was a symbolic gesture that could strengthen the fragile ties between China and the Vatican.

Beijing and the Vatican severed diplomatic ties following the Chinese Communist Party’s rise to power and the expulsion of foreign priests. Since the break in ties, Catholics in China have been divided between those who belong to an official, state-sanctioned church and those in an underground church loyal to the Pope.

The Vatican recognises members of both as Catholics but claims the exclusive right to choose bishops.



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Pahalgam Terror Attack: Hindu America Foundation slams Western media for ‘whitewashing terror attack’ on Hindus | World News – The Times of India

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The Hindu American Foundation (HAF) has sharply condemned what it calls a “shameful and deliberate erasure” by major Western media outlets in the aftermath of the April 22 terror attack in Pahalgam, Kashmir, where 26 Hindu tourists were executed in cold blood by terrorists affiliated with The Resistance Front—a Lashkar-e-Taiba proxy backed by Pakistan.
“Let’s get this straight,” said Suhag Shukla, Executive Director of the Hindu American Foundation, in a scathing rebuke of international media coverage following the April 22, 2025, terror attack in Pahalgam. “Terrorists from the Resistance Front, a Lashkar-e-Taiba offshoot, took credit for storming a meadow in Pahalgam and murdering at least 26 tourists, seeking out Hindus with chilling precision, in the worst civilian massacre in Kashmir since 2008.”
According to Shukla, the headlines should have written themselves: Hindus massacred in Kashmir by Islamists in a terror attack claimed by a Pakistan-backed group. But instead, Western media outlets like The New York Times, Washington Post, CNN, BBC, Reuters, and AP delivered “another masterclass in whitewashing, gaslighting, false equivalencies, and revisionist history.”
“Across the board, you’ll see patronising sneer quotes around ‘terror attack’ and sanitised references to the killers as militants,” she said. “Some even have the gall to call them rebels. For the record: a rebel fights authority, a militant targets the state, and a terrorist deliberately targets and kills civilians to spread fear for ideological or religious aims.”
Shukla citing survivor accounts to highlight the ideological nature of the killings. “Terrorists demanded victims identify their religion—forcing them to show IDs or recite the Kalma—and murdered them if they were Hindu. They deliberately spared their wives and children to report the message of hate.”
What especially enraged Shukla was the BBC’s description of the victims as “non-Muslims.” “The intent here is as clear as it is old: target, murder, and terrorise Hindus for an ideological and religious war. Please spare us the neutral terms and erasure.”
For Shukla, the Pahalgam massacre fits into a broader pattern of anti-Hindu violence in Kashmir—one that media outlets routinely downplay or ignore. “Attacks on Hindus in Kashmir by Pakistan-sponsored terrorists are neither rare nor random,” she said, referencing the ethnic cleansing of over 350,000 Kashmiri Pandits in the late ’80s and ’90s and the deaths of Hindu pilgrims at sites like Amarnath and Vaishno Devi since 2000.
Shukla also pointed out the legal discrimination Kashmiri Hindus faced before Article 370 was revoked in 2019. “Before then, indigenous Hindu Pandits—already ethnically cleansed—were legally barred from reclaiming property. Kashmiri women couldn’t pass property to their children if they married outsiders. Indians from outside the region couldn’t settle there. And yet AP and Reuters describe those seeking to return as ‘outsiders’? Would they call a Californian moving to Pennsylvania an immigrant?”
Citing the operational ties between Lashkar-e-Taiba and The Resistance Front, she reminded audiences that this was not rogue violence. “Pakistan’s intelligence agency bankrolls, trains and directs them. TRF’s Falcon Squad is trained in L.E.T. camps in Pakistan. Their propaganda machine runs on L.E.T. networks—all to push Islamabad’s anti-Indian, anti-Hindu agenda.”
Shukla pointed out in a final indictment, “Legacy media’s whitewashing and spin don’t just insult the victims. It enables the very forces behind these atrocities. If you can’t call out terror for what it is, maybe you shouldn’t be reporting on it at all.”
Global Reactions
International condemnation poured in after the April 22, 2025, massacre in Pahalgam, where 26 Hindu tourists were executed by terrorists from The Resistance Front. Leaders across the globe strongly denounced the attack, with many expressing solidarity with India and the victims’ families.
US President Donald Trump called the incident “an act of savage hatred” and declared, “The United States stands strong with India against terrorism. Prime Minister Modi, and the people of India, have our full support and deepest sympathies.”
US Vice President JD Vance, who was in India at the time of the attack, issued a somber statement describing the massacre as “an unspeakable atrocity.” He added that the terrorists’ deliberate targeting of Hindus was “a reminder that religious persecution remains one of the gravest threats to global peace.”
From Capitol Hill, members of the Congressional Hindu Caucus condemned both the attack and the lack of clarity in international media reporting. Representative Tulsi Kapoor stated, “This isn’t just a terror attack—it’s an anti-Hindu hate crime. The world must call it by its name.”
The House Foreign Affairs Committee Majority took direct aim at Western media coverage, particularly The New York Times, saying: “Hey, @nytimes, we fixed it for you. This was a TERRORIST ATTACK, plain and simple. Whether it’s India or Israel, when it comes to TERRORISM, the NYT is removed from reality.”
In an unexpected move, even the Taliban condemned the killings. A spokesperson called the attack on civilians “un-Islamic” and said that deliberately targeting innocent tourists based on religion was “not permissible under any circumstance.”
Around the world, leaders echoed similar sentiments. French President Emmanuel Macron labelled it a “heinous act of terror.” British Prime Minister Keir Starmer described the killings as “an attack on humanity.” German Chancellor Olaf Scholz called it a “cowardly act,” while Israeli Foreign Minister Gideon Saar said, “Terrorism that targets faith has no place in our world.”
Leaders from China, Australia, Nepal, and the European Union also issued statements condemning the massacre, with many affirming their commitment to counter-terrorism cooperation with India.
India’s Response
In India, the attack has triggered both national mourning and geopolitical consequences. Prime Minister Narendra Modi condemned the massacre as “a crime against humanity” and vowed a “strong and measured response.”
The Ministry of External Affairs summoned Pakistan’s envoy and suspended cooperation under the Indus Waters Treaty—India’s most significant diplomatic weapon against Islamabad short of war. Home Minister Amit Shah chaired an emergency security review and pledged to intensify counter-terror operations in Kashmir.
Read: Must-read stories from TOI
A Trail of Horror: Eyewitness Accounts
The attack in the picturesque meadow of Baisaran, 5km from Pahalgam, has become one of the bloodiest civilian massacres in Jammu & Kashmir in over a decade. Survivor testimonies reveal a grim pattern: names, religious symbols, and even dietary choices became markers for death.
Florida-based techie Bitan Adhikary was gunned down in front of his family when he couldn’t “prove” he was Muslim. His widow, Sohini Adhikary, said their vacation turned into a nightmare of gunfire and screams.
Another victim, Bengaluru techie Bharath Bhushan, was executed after simply stating his name. “My name is Bharath,” he told the attackers. That was enough.
Assam professor Debasish Bhattacharya, whose academic fluency in Islamic scripture saved his life, recalled: “Overwhelmed by fear, I began chanting the kalma. After a few moments, the gunman lowered his weapon and we escaped through the forest.”
In other cases, sheer chance played saviour. A Kerala family delayed their trip due to a salty lunch and missed the ambush entirely. Landslides, horse delays, and missed flights spared dozens of others. One couple, newly married and denied a Swiss visa, chose Kashmir for their honeymoon—only for Himanshi to return alone, dazed and bloodied beside the corpse of her husband Lt Vinay Narwal.





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