Liberation Day in Washington; Denial Day in Delhi

Written by: Aarthi Ramnath, Raghav Bikhchandani & Yash Budhwar

Liberation Day in Washington; Denial Day in Delhi

The fateful April 2—“Liberation Day”—finally arrived. The day wherein no foe or friend was spared from the tsunami of tariffs. Nope, Modi-ji's special relationship with Donald-bhai did not protect us from his wrath.

The context: Donald Trump slapped tariffs on key trading partners within weeks of taking office. By February 1, he imposed 25% tariffs on Mexico and Canada and 10% on China. There was a bit of waffling—temporary suspensions—giving false hope that the White House might come to its senses. Sadly not. To be fair, the omens were suitably ominous for India. We were already listed on Trump’s list of the ‘Dirty 15’—nations deemed the “worst” offenders (i.e. highest tariffs on US goods).

Dawn of Liberation Day: Ok, here’s the mota mota summary of Trump’s grand announcement. A total of 185 countries will be slapped with a base tariff of 10%. FYI: This includes territories that are uninhabited—i.e. have no humans—like the Heard and McDonald Islands. The average US tariff rate is now 29%—the highest it's been in more than 100 years.

The Donald Trump show: The US President put on a gameshow spectacle that matched the colossal idiocy of his actions. He whipped out big, big charts—accompanied by outlandish commentary: “For decades, our country has been looted, pillaged, raped and plundered by nations near and far — both friend and foe alike.”

The cherry on top: In the invited audience were blue collar workers—looking very obviously blue collar in hard hats and construction vests—cheering for the fictional jobs that are supposedly flooding back to America. This was his grand entrance, btw:

Historical precedent to note: The last time the US dramatically raised import duties was the Smoot-Hawley Tariff Act—introduced in 1930 by the Herbert Hoover administration. It was an unmitigated disaster—tipping the world into a disastrous trade war: The result: “Global trade collapsed, exacerbating the Great Depression, which was the worst economic downturn in US history.” There is no reason to think that the outcome will be any different this time around—especially in a world that is more tightly knit than ever. If you need the most on-point TLDR of the Depression debacle:

The immediate fallout: Stock markets around the world had a collective panic attack—including Wall Street:

Nasdaq futures tumbled 4% and in after-hours trade some $760 billion was wiped from the market value of Magnificent Seven technology leaders. Apple shares, hit hardest as the company makes iPhones in China, were down nearly 7%.

With their hopes for some measure of sanity rudely dashed, investment bankers promptly went into Cassandra mode—predicting a recession (at the very least). Quote to note: “President Trump just finished his tariff speech at the White House and we would characterize this slate of tariffs as ‘worse than the worst case scenario’ the Street was fearing.” CNBC offered this real-time bit of irony:

The ‘dirty’ list: Some nations will be punished more severely than others, such as:

China: 34% (on top of the existing 20%) = 54% total
European Union: 20%
Vietnam: 46%
Taiwan: 32%
India: 26%
Cambodia: 49%

Mere dukhi Bharat vasiyon: What Trump did to his BFF Modi is best summed in one of his favourite words: Sad. Not only did he hit India with a 26% tariff—he also berated us at length while he did it:

He even namechecked his buddy: “The Prime Minister just left. He’s a great friend of mine, but I said, ‘You’re a friend of mine, but you’re not treating us right.’” Haw. Like we said, sad.

The impact on India: The US is one of the rare countries with whom we enjoy a trade surplus—of $46 billion—which Trump is determined to erase. The list of affected industries is long: ranging from agriculture, to precious stones, chemicals and pharma. The biggest loser:

According to an analysis of the think tank Global Trade Research Initiative (GTRI), the hardest-hit sector in agriculture would be fish, meat, and processed seafood, with $2.58 billion in exports in 2024, facing a 27.83% tariff differential… “Already our exports have antidumping and countervailing duties in the U.S. The additional hike in tariffs will make us uncompetitive. Out of India’s total shrimp exports, we ship 40% to America,” Kolkata-based seafood exporter and MD of Megaa Moda Yogesh Gupta said.

Point to note: Unless New Delhi can cobble together a more favourable bilateral agreement, there will be a number of knock-on effects. The smartphone example: The government has worked hard to divert manufacturing from China to India—to boost smartphone exports. Perhaps not for long:

Finished smartphones entering India currently face a 16%-20% tariff, whereas tariffs on Indian phones sold into the U.S. are at 0%, according to Barclays. “If the Indian exports of smartphones, which have picked up recently — were to face similar tariffs in the U.S., it could deal an early life-cycle blow to the [Indian] electronics industry, reversing the entire China+1 narrative,” according to Venugopal Garre, Bernstein’s head of India research.

There has been no response from the Indian government as of now.

An amusing side-note: Indian Express’ valiant effort to put lipstick on this pig with this headline: ‘Trump slaps 26% reciprocal tariffs on India, lower than on Asian competitors China, Vietnam, Thailand & Indonesia.’ Half-full, people!

The big picture: The response from US allies has been muted—other than Canada, as usual. There’s a lot of rhetoric. But like India, most are hoping to negotiate a bilateral deal on more favourable terms. But this is not good news for anyone. The global price tag of the Trump trade war could reach $1.4 trillion. But Asian nations—including India—are the most vulnerable:

"Asian economies will be hit harder than most by U.S. reciprocal tariffs," said Marcel Thieliant, head of Asia-Pacific at Capital Economics. "Not only do Asian economies face higher tariffs than many others, they are also more dependent on U.S. goods demand than most." If the tariffs push the U.S. itself towards recession, that will weigh heavily on developing countries whose fortunes are closely tied to those of the world's largest economy.

Reading list: CNN offers a good overview of the tariffs. The Guardian offers a brilliant takedown of the Trump show. Associated Press via The Telegraph looks at the effect on the average American. CNN has the impact on stock markets. CNBC explains the Smoot-Hawley disaster—and what it tells us about Trump’s tariffs. The Hindu details the many industries affected by them—our Big Story has the best context on how Trump sees India. Reuters offers a big picture take on the impact on the global economy.

A big waqf bill vote

The context: A waqf is a religious donation made by Muslims to the community. These properties cannot be sold or used for any other purpose—since they now belong to God. The tradition dates back to the 12th century but was formalised during the British Raj. Now, the waqf properties are ruled by the Waqf Act of 1995—which mandates the creation of a Waqf Board in each state—which holds, acquires and transfers ownership of such properties.

Key point to note: All Waqf board members must be Muslims. The Modi government proposed The Waqf (Amendment) Bill, 2024, which aims to amend the Waqf Act of 1995, and introduced it to Parliament yesterday for a debate. One of the biggest points of contention: The government plans to get rid of the central Waqf Council—and ‘diversify’ the membership of the boards. For more context, read our Big Story.

What happened now: After a 12-hour debate, the BJP and its NDA allies pushed through the Waqf (Amendment) Bill in the middle of the night. The vote: 288 MPs in favour and 232 against. Amit Shah offered this to allay fears of a Hindu takeover of Waqf boards:

Making an intervention during the debate, Mr. Shah made it clear that a mutawalli or the manager/administrator of a Waqf — a charitable endowment — and the waqif (donor) can only be from the Muslim community. Non-Muslims have been included in a Waqf Board or Council for administrative purposes and that too to ensure that any donation is being used for the purpose it is meant for, he added.

The great debate: In essence, the government insisted the bill was about managing property—not religion. The opposition disagreed—as did Muslim MPs:

Asaduddin Owaisi said that Prime Minister Narendra Modi had declared a war on his community. He said the Bill violated Constitutional provisions. “You are saying that Hindu and Jain boards will have only their community members but not the Waqf board.”

Congress MP Imran Masood offered the specific example of the Kashi Vishwanath temple in Varanasi: “The temple is managed by a committee that is headed by the District Collector. However, there is a provision that if the Collector is a non-Hindu, an official below or above takes charge.”

What’s next: The NDA has the numbers to prevail in the Rajya Sabha, as well. So this bill is as good as law.

Reading list: The Telegraph has more on the heated Parliament debate. The Hindu has details on the vote—and the outrage of Muslim MPs.

Tinder’s dystopian AI dating game

Tinder has introduced a new—somewhat dystopian—twist to online dating. “The Game Game” is an AI-powered flirting simulator—basically, a virtual dating boot camp. Here’s how it works:

The game gives users a deck of cards, with each one featuring a different AI persona and scenario. Users must use their voices to respond and try to flirt their way into getting a date with the bot.

The game scores users with flame emojis and offers real-time feedback, flagging awkward moves and encouraging better behaviour: “If users are rude, for instance, the AI offers suggestions to improve the conversation.” But, but, but: It’s only available to US-based iOS users for a limited time.

The dating machine is here: With dating apps struggling to attract new users, AI is their latest Hail Mary. Apps like Blush, Teaser, and Rizz are also leaning into AI dating sims. And Tinder has already dabbled in AI with a photo selector tool and is working on AI-powered matchmaking. These companies are basically selling the machine as your romantic wingman—helping you get hooked up. But not everyone’s a fan:

But those “struggling users” who may be lacking in social skills, and begin to rely on AI assistants to craft conversations for them, may have difficulty once they arrive on real-life dates, without the use of their phone to help them converse. This could lead to anxiety and further retreat into the comfort of the digital space, a group of academics has claimed. It could also erode the trust users have in the authenticity of others on the app. Who is using AI and who is a genuine, flesh-and-blood human tapping away behind the screen?

Like dating apps are already a mindf***k! Btw, The Game Game was launched on April Fools’ Day—which is kinda fitting. Techcrunch and Morningbrew have roundups of Tinder’s sim. The Guardian offers a takedown of GenAI in online dating.

Support this sanctuary: An important appeal for Bangalore’s dogs

As you well know, we are mad about animals over here at splainer—-so the shout-out for this fundraiser means a lot to us. Established in September 2024, Goodoo is an animal welfare organisation that is dedicated to rescuing, treating, releasing and rehoming injured, abused and abandoned dogs in the Bangalore area.

The organisation is currently over halfway short of its modest Rs 5 lakh goal—needed to build the inaugural shelter space for dogs. Every little bit of financial contribution counts—so please head over to Goodoo’s Milaap page if you can.

PS: One of the board members is Chitra Raghavan—who is a splainer subscriber and legal advisor from our very inception. So we have full faith in Goodoo’s integrity.

what caught our eye

business & tech

The Indian government lost Rs 1,757 crore because BSNL did not bill Reliance Jio for ten years under their passive infrastructure sharing agreement.
Microsoft’s Blue Screen of Death may go green or black—the company is previewing a new, redesigned version.
Turkey has fined Meta for refusing to suspend accounts linked to the ongoing protests following the detention of Istanbul’s mayor.
SBI wants fintechs to help customers print their own debit cards—right at kiosks.
Amazon has reportedly made a last-minute bid for TikTok’s US operations, just days before the video app’s ownership deadline.

sports & entertainment

Another day, another blowout in the IPL—this time, Gujarat Titans smashed RCB in their own backyard by eight wickets with 13 balls to spare. Ex-RCB star Mohammad Siraj’s 3-19 and Jos Buttler’s 73 off 39 balls were the standout performances.
In big Ranji Trophy moves, Yashasvi Jaiswal is swapping out his longtime home of Mumbai for Goa—joining Arjun Tendulkar.
Nearly five years on from the passing of Diego Maradona, experts involved in his autopsy have testified at a negligent homicide trial that Maradona had an abnormally large heart, suffered from cirrhosis, and showed no traces of alcohol or drugs.
With the FIFA Men’s World Cup a year away, The Guardian has a scathing takedown of the tournament’s ‘unlikeable’ and underachieving co-hosts, the US.
RIP Val Kilmer—the Hollywood actor known for his iconic roles in ‘Top Gun’, ‘The Doors’ and ‘Batman Forever’ has passed away at the age of 65.
Sequel season is brewing in Hollywood—’John Wick 5’, ‘Now You See Me 3’ and a David Fincher-helmed followup to ‘Once Upon A Time In Hollywood’ are all in the works.
Raj Thackeray’s Maharashtra Navnirman Sena (MNS) will oppose the release of the film ‘Abir Gulaal’—for featuring Pakistani actor Fawad Khan.

health & environment

Remember asteroid YR4—the one which had a 3.1% chance of hitting Earth—when it comes close in 2032? Scientists have confirmed that Earth’s safe from an impact but cannot say the same for the moon.
Scientists have resurrected a dormant 7,000-year-old phytoplankton—Skeletonema marinoi—making it the oldest-known revived organism from aquatic sediments.
In the light of the fight between Telangana government and University of Hyderabad students, Centre has sought a ‘factual’ report on the “illegal” felling and “removal” of land clearing in Kancha Gachibowli.
The Economist (login required) has a fascinating read on organelle transplants. The organelles in question: Mitochondria—better known as the powerhouse of a cell.

meanwhile, in the world

BBC News carries out an inside-look into Mandalay’s quake aftermath—widespread devastation, scarce aid, and a community left to fend for itself.
Members of President Donald Trump’s National Security Council, including White House national security adviser Michael Waltz, have conducted government business over personal Gmail accounts—despite its lack of security compared to other platforms.
Russia has issued a condemnation of ultimatums—in light of the Donald’s threat to bomb Iran.
In a blow to Trump and Elon Musk, a liberal Democrat won the special election for Wisconsin’s Supreme Court.
According to multiple reports, Musk is reportedly set to exit his Trump role as the 130-day service cap looms. But, but, but: believing Musk will actually leave politics and get back to Tesla? Wishful thinking at its finest.
China conducts live-fire military drills around Taiwan—drills that simulate strikes on key ports and energy hubs in the Taiwan Strait—in its latest escalation.
Forbes' 2025 Billionaires List now packs 3,028 entrepreneurs with a whopping $16.1 trillion in wealth, with humare Mukesh bhai—ruling at #18 with $92.5 billion as the richest Indian—and Gautam bhai blazing in at #28. The top 3 featured the regular troupe—Musk, Zuckerberg, and Bezos.
Wall Street Journal has an interesting read on Gen Z calling it quits on "situationships"—they're tired of the ambiguity and ready to lock it down.

meanwhile, in India

The Mahabodhi shrine dispute (explained here) has reached the Parliament and spread to different parts of the globe.
The Kunal Kamra case is getting even weirder—a banker from Mumbai claimed that he had to cut short his trip and return to Mumbai as Mumbai Police summoned him for questioning but the police denied sending him the notice.
Shimla is set to get the world’s second-largest ropeway—a Rs 1,734 crore project spanning 13.79 km.

Two things to see

One: On Monday, SpaceX launched the first mission to orbit Earth’s poles—carrying a four-person crew aboard the Crew Dragon capsule. The private mission is backed by Chinese crypto billionaire Chun Wang. FYI: The reason no one has attempted to orbit poles before is because it requires more energy and fuel to reach the desired high flight path. Rescue and recovery planning is also more tricky. You can see the first glimpse of the polar views from the spacecraft below. (Gizmodo)

Two: The government of India has single-handedly decimated the Studio Ghibli meme—spawned by the latest version of ChatGPT’s image-generator (explained here). The caption that accompanied an entire thread of atrocities (see below): “Main character? No. He’s the whole storyline.” Slitting wrists.