🍎 Trump’s Apple outburst

Good morning and happy Friday. You know the drill - have a great weekend when it arrives 🫡 

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🍎 Trump’s Apple outburst

• 0️⃣ Push back on Trump’s ‘Zero Tariff’ claim

• 🗞️ Bite-sized summaries

  • 🛰️ ISRO readies satellite launch

  • 👁️‍🗨️ India central to Adobe’s long-term vision

• 🧑‍🍳 What else is cookin’?

MARKETS

🇮🇳 India

• Indian equities surged. Gains were driven by optimism over improved India-US trade relations, strong foreign inflows, easing inflation, and lower oil prices, fueling broad-based sectoral advances and robust market breadth.

🌍️ International

• US stocks closed mostly higher as easing US-China trade tensions and softer inflation data boosted investor confidence. Optimism about a Federal Reserve rate cut later this year and strong tech earnings supported the rally despite tariff-related concerns.

TECHNOLOGY

🍎 Trump’s Apple outburst: Should India be worried?

In a recent swipe at Apple, former U.S. President Donald Trump criticized the tech giant’s decision to shift iPhone manufacturing from China to India. Trump claimed he directly told Apple CEO Tim Cook, “We are not interested in you building in India… we want you to build here,” suggesting Apple should focus on domestic production in the U.S. rather than boosting India’s economy.

This outburst raises serious questions about India’s role in Apple’s long-term manufacturing strategy. As Apple diversifies to reduce dependency on China amid rising geopolitical tensions, India has become a key hub. Major suppliers like Foxconn have already ramped up operations in India, and the country is rapidly positioning itself as a global electronics manufacturing powerhouse.

Despite the rhetoric, real-world policy tells a different story. India and the U.S. continue to deepen trade ties, recently working to ease barriers on products like shrimp, apples, and alcoholic beverages. These developments show both countries are committed to strengthening economic cooperation, regardless of political noise.

Bottom line: While Trump’s remarks could stir short-term uncertainty, India’s growing role in global manufacturing—and Apple’s need to diversify—make a dramatic policy shift unlikely. But it’s a reminder that geopolitics and supply chains remain deeply intertwined.

Read more: Economic Times

TRADE

0️⃣ Push back on Trump’s ‘Zero Tariff’ claim

India’s External Affairs Minister S. Jaishankar has firmly rebutted former U.S. President Donald Trump’s assertion that India offered a trade deal with “basically zero tariffs.” Speaking to reporters, Jaishankar clarified that trade negotiations between India and the U.S. are ongoing and complex, emphasizing that “nothing is decided till everything is.”

Trump, currently on a state visit to West Asia, had claimed that India proposed a significant offer to the U.S., suggesting a deal with minimal tariffs. However, Jaishankar stressed that any trade agreement must be mutually beneficial and work for both countries, cautioning against premature conclusions.

Key Takeaways:

• No Final Agreement Yet: Jaishankar emphasized that trade talks are ongoing and that no final deal has been reached.

• Mutual Benefit is Crucial: India insists that any trade agreement must be balanced and advantageous for both nations.

• Complex Negotiations: The minister highlighted the complexity of the discussions, indicating that all aspects need to be settled before any conclusions can be drawn.

High-level:India and the U.S. have been engaged in high-stakes discussions for months, aiming to resolve market access concerns and tariff disputes. The latest developments underscore India’s commitment to ensuring that any trade pact aligns with its national interests and economic priorities.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🛰️ ISRO readies satellite launch - The Indian Space Research Organisation (ISRO) is set to launch its 101st satellite, RISAT-18, on May 18, 2025, aboard the Polar Satellite Launch Vehicle (PSLV-C61) from Sriharikota. ISRO Chairman V. Narayanan announced that this Earth Observation Satellite aims to enhance India's surveillance and disaster management capabilities. He emphasized that ISRO's missions are driven by national requirements across diverse fields, focusing on the safety and security of the country rather than competing with other nations.

👁️‍🗨️ India central to Adobe’s long-term vision - Adobe CEO Shantanu Narayen, during his India visit, stated that those who adopt AI will replace those who don’t—just as past tech shifts did. He sees AI as a massive creative enabler, not a threat, and emphasized India's rising role in Adobe’s growth. With growing respect for IP and digital tools, India is becoming a hub of innovation. Narayen highlighted AI’s power to democratize creativity and boost productivity, urging industries to embrace change rather than resist it.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• UK court rejects fresh bail application of Nirav Modi.

• Airbnb enhances in-app offerings.

• Burberry cuts 1,700 jobs in global savings drive amid luxury slowdown

• New Cannes dress code sparks debate.

• More train links from London to Europe.