 "A man speaks on his phone as he walks past the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai. File image/Reuters")
Wednesday, April 9, is set to be a news-heavy day.
US President Donald Trump’s specific reciprocal tariffs on roughly 60 of the “worst offenders”, including the European Union, China, Vietnam, and other countries will come into effect today.
Also, on this day, India’s central bank, the Reserve Bank of India, will announce if it will cut its repo rate in response to Trump’s tariff policy. Britain’s King Charles and wife, Queen Camilla, will also meet Italian Prime Minister Giorgia Meloni today amid their four-day visit to the European country.
Here’s what else is in store today.
Trump’s second round of tariffs kick in
It is April 9. At 12:01 am Eastern Time, the US will begin its second round of tariffs — ranging from 11 per cent to as high as 50 per cent — on imports, marking a significant change in American trade policy since World War II.
This round of tariffs on countries such as China, India, and the European Union come after new 10 per cent “baseline” tariff on imports came into effect on April 5. This round of levies will see the US impose a 54 per cent tariff on China, which has now been increased to 104 per cent, a 39 per cent tariff on the European Union and 26 per cent on India.
The “reciprocal” tariffs were announced by US President Donald Trump on April 2, which he dubbed as Liberation Day.
RBI likely to cut rates
The Reserve Bank of India (RBI) Governor, Sanjay Malhotra, will announce the first monetary policy for the financial year 2025-26. This comes after the conclusion of the three-day Monetary Policy Committee (MPC) meeting.
Experts expect the RBI to announce a repo rate reduction of at least 25 basis points, which means that home loan interest rates too will ease. They believe the central bank could cut interest rates in April and June to support the economy before India starts to feel the heat amid rising global uncertainty over Trump’s tariffs.
Britain’s King Charles III to meet Italy’s Giorgia Meloni
Britain’s King Charles and wife, Queen Camilla, are in Italy for a state visit which will see a mix of soft-power diplomacy, greeting the crowds and also romance, as the trip coincides with the couple’s 20th wedding anniversary.
Today, as part of the visit, the King will meet with Italy’s Prime Minister Giorgia Meloni. He will also make a speech to both houses of Italy’s Parliament — the first time a UK monarch will deliver such an address.
Impact Shorts
More ShortsThe state visit had originally been intended to include engagements at the Vatican, but that was postponed because of the ill-health of Pope Francis. But with the Pope seeming to be getting better, there has been speculation about a possible private meeting when the King and Queen are in Rome.
India’s Piyush Goyal to meet exporters
Union Commerce and Industry Minister Piyush Goyal is likely to hold a meeting with exporters on Wednesday, April 9, to take stock of issues to be faced by Indian traders due to the imposition of an additional 26 per cent reciprocal tariffs by the Trump administration.
Senior officials of the commerce ministry and representatives of export promotion councils (EPCs) and the Federation of Indian Export Organisations (FIEO) will attend the deliberations, according to an industry official.
The effect of these duties is expected to be reflected starting May as demand will take a hit in the US.
Zomato to rebrand as Eternal on stock exchanges
Food delivery giant Zomato, led by Deepinder Goyal, will officially change its name to Eternal Ltd on stock exchanges starting today. The company confirmed on March 20 that the Ministry of Corporate Affairs (MCA) had approved the name change.
As part of this transition, Zomato’s stock ticker on both the NSE and BSE will switch from Zomato to Eternal. The rebranding aligns with the company’s expansion into multiple business verticals, including Zomato (food delivery), Blinkit (quick commerce), Hyperpure (B2B supplies), and District (dining out and restaurant services).
The name change applies only to the corporate entity and does not affect its brand or app identity.
IPL 2025: Gujarat Titans take on Rajasthan Royals
At the IPL, it’s match number 23 — the Gujarat Titans taking on Rajasthan Royals. The Gujarat Titans are at second place on the points table because their top three have been enormously productive.
The match will be played at the Narendra Modi Stadium in Ahmedabad, making it the Royals’ third away game of the season.
Rajasthan Royals lost their first away fixture of the season against Sunrisers Hyderabad but picked up a convincing win in their second against PBKS on Saturday. The last match in IPL 2024 between Rajasthan Royals and Gujarat Titans saw GT edge past RR by three wickets.