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Hungary's parliament has passed a controversial amendment bill that puts restrictions on LGBTQ plus community this has drawn sharp criticism from human rights groups and members of the community. 

While parliament was voting on the amendment, several demonstrators attempted to break into the parliament building in disobedience. The new modifications to Hungary's constitution will provide legal support to the rule prohibiting public displays of homosexuality and pride parades, according to BBC.

As a result of the vote, the Fundamental Law now stipulates that a person can only identify as either male or female. The law comes three months after U.S. President Donald Trump, an ally of Orban, issued an executive order recognizing only two sexes. 

With the exception of the right to life, the Hungarian bill asserts that children's right to a healthy physical, mental, and moral development overrules all other fundamental rights, including the freedom to assemble, BBC reported.

Additionally, if a Hungarian is judged to be a threat to public order, public security, or national security, the amendment permits them to have their dual citizenship in a non-European Economic Area country suspended for a maximum of ten years.

US President, Trump has reiterated his stance that he won't be attending the G20 Summit in November, which is set to be hosted by South Africa in November.

His comments on social media exacerbated tensions between the two countries and drew censure from South African political parties, according to the New York Post.

In an article on Truth Social, Trump reiterated controversial allegations on purported anti-white violence in South Africa, such as that white farmers were being violently persecuted and having their land taken in what he called a "genocide."

Trump asked, “Is this where we want to be for the G20? I don’t think so!”

South Africa currently holds the presidency of the G20, which brings together leaders from the world’s major economies for discussions on global issues, New York Post reported.

At a Group of 20 summit, leaders of state will discuss issues such as handling world hunger, addressing climate change, tackling the impact of tariff wars between powerful nations, and reforming international institutions.  

The gathering will be the first G-20 summit ever held on the African continent.

Apple is shifting more of its iPhone shipments to the US from India in an effort to navigate the financial shockwaves caused by a fresh round of tariffs imposed by President Donald Trump.

The computer giant's stock has dropped 19% in three trading days, the largest decline in over 25 years, due to investor concern about rising costs from new tariffs on Chinese imports, according to Firstpost.

With tariffs of up to 54% on Chinese shipments, Apple has turned to India, where the equivalent rate is 26%. The move is intended as a short-term hedge while Apple seeks tariff exemptions, but the company has not yet overhauled its China-centric manufacturing network, which is still critical to its worldwide supply chain, Firstpost reported.

South Korea's Constitutional Court will issue its long-awaited ruling on President Yoon Suk-yeol's impeachment Friday, months after he was suspended for declaring martial law.

Yoon's December 3 attempt to subvert civilian rule plunged South Korea into political chaos, after he sent armed soldiers into parliament, Aljazeera reported.

Lawmakers disobeyed the army by voting against the measure and impeaching Yoon shortly after, but months of political unrest have harmed South Korea's economy and put the country in leadership uncertainty, even as US President Donald Trump targets the region with tariffs.
 
The court convened weeks of impeachment proceedings to decide whether to officially remove Yoon from office, and then spent weeks to deliberate on the matter, sparking speculation that the justices were in deep disagreement, according to Aljazeera.

Yoon, who was elected in 2022 despite having no prior political experience, is also facing criminal charges for rebelling over the edict.
Despite the fact that a number of South Korea's democratic-era leaders have been imprisoned for crimes committed after their terms ended, Yoon is the first president to face charges while in office.

US President Donald Trump and his intelligence chiefs have played down a security breach that saw a journalist invited into a Signal group chat where he reported seeing national security officials plan airstrikes in Yemen, BBC reported.

US Director of National Intelligence Tulsi Gabbard and CIA Director John Ratcliffe denied at a Senate hearing that any classified information was shared in the message chain.

But Democrats on the panel rebuked the cabinet members as "incompetent" with national security.

Over at the White House, Trump was joined by National Security Adviser Mike Waltz, who was at the centre of the leak. The president stood by him and insisted the incident did not affect the military operation, according to BBC.

A federal judge instructed the Trump administration on Thursday to explain why its failure to turn around flights carrying deportees to El Salvadordid not violate his court order in a growing showdown between the judicial and executive branches, Associated Press reported.

U.S. District Judge Jeb Boasberg demanded answers after flights carrying Venezuelan immigrants alleged by the Trump administration to be gang members landed in El Salvador after the judge temporarily blocked deportations under an 18th century wartime law. Boasberg had directed the administration to return to the U.S. planes that were already in the air when he ordered the halt.

Boasberg had given the administration until noon Thursday to either provide more details about the flights or make a claim that it must be withheld because it would harm “state secrets.” The administration resisted the judge’s request, calling it an “unnecessary judicial fishing” expedition, according to the Associated Press.

President Donald Trump's phone discussions with President Vladimir Putin and President Volodymyr Zelensky this week are the most aggressive diplomatic efforts to end the crisis in Ukraine since Russia invaded three years ago, CNN reported.

Early indications are bleak, as Putin has declined to sign on to Trump's idea of a 30-day truce. But Trump portrays the start of any debate as a win. And each leader is attempting to use diplomacy to their advantage while also playing the public relations game, not to mention avoiding blame if everything fails.

The White House is manufacturing a fantasy of major progress both to keep the hopes of a peace process developing and to promote the increasingly flimsy assumption that Trump is a great dealmaker.

Uniquely capable of establishing peace.Putin categorically denied Trump's request for a ceasefire. Simply put, he is not ready to stop the war yet, as evidenced by a new set of criteria that Ukraine would never agree to if it wishes to exist as a sovereign state. However, the Kremlin does not want to alienate Trump, so it offered him a tempting peek of a high-power relationship with Putin to entice him, CNN revealed.

Zelensky is a quick learner. He can't afford a recurrence of the terrible Oval Office fiasco, so he simply agrees to practically everything Trump requests. Ironically, Zelensky's meltdown-inducing argument, that Putin cannot be trusted to make or keep cease-fire agreements, has now been proven correct.

Ukraine and Russia are vying for the president's attention and blaming each other for obstructing peace. After a chaotic night, one side accused the other of violating the partial deal mediated by the US president to avoid damaging energy infrastructure. Their dissatisfaction with even this little detail contradicts Trump's confident assurances that a peace deal is within grasp.

President Vladimir Putin has rejected an immediate and full ceasefire in Ukraine, agreeing only to halt attacks on energy infrastructure, following a call with US President Donald Trump, BBC reported.

The Russian leader declined to sign up to the comprehensive month-long ceasefire that Trump's team recently worked out with Ukrainians in Saudi Arabia.

He said a comprehensive truce could only work if foreign military aid and intelligence sharing with Ukraine came to an end. Ukraine's European allies have previously rejected such conditions. 

US talks on Ukraine are due to continue on Sunday in Jeddah, Saudi Arabia, the US envoy to the Middle East, Steve Witkoff, said.

In the grinding three-year war, Russia has recently been taking back territory in its Kursk region that was occupied by a Ukrainian incursion six months ago. 

The results of Tuesday's Trump-Putin call amount to a retreat in the US position from where it stood a week ago, although the two leaders did agree that further peace talks would take place immediately in the Middle East.

When a US delegation met Ukrainian counterparts in Jeddah last Tuesday, they convinced Kyiv to agree to their proposal for an "immediate" 30-day ceasefire, across land, air and sea.

President Volodymyr Zelensky, who arrived in Helsinki, Finland, for an official visit on Tuesday shortly after Trump and Putin's call ended, said Ukraine was open to the idea of a truce covering energy infrastructure, but wanted more details first.

He later accused Putin of rejecting a ceasefire following a barrage of Russian drone attacks. 

Among the places targeted was a hospital in Sumy, and power supplies in Slovyansk, said Ukraine's leader.

"Unfortunately, there have been hits, specifically on civilian infrastructure," Zelensky said on X. "Today, Putin effectively rejected the proposal for a full ceasefire."

Trump posted earlier on social media that his call with the Russian leader was "very good and productive" and that "many elements of a Contract for Peace were discussed".

"We agreed to an immediate Ceasefire on all Energy and Infrastructure, with an understanding that we will be working quickly to have a Complete Ceasefire and, ultimately, an END to this very horrible War between Russia and Ukraine," the US president said on Truth Social, according to BBC.

About 80% of Ukraine's energy infrastructure has been destroyed by Russian bombs, Zelensky said last September.

Kyiv has in turn conducted drone and missile strikes deep into Russian territory, on oil and gas facilities.

Following last week's talks in Jeddah, Secretary of State Marco Rubio had said "the ball" was in Russia's court, after the Ukrainians accepted Washington's proposal for a full ceasefire.

But the White House's statement following the Trump-Putin call on Tuesday made no reference to that agreement with Kyiv.

It instead said the two leaders agreed that "the movement to peace will begin with an energy and infrastructure ceasefire", followed by negotiations over a "maritime ceasefire in the Black Sea, full ceasefire and permanent peace".

But the Kremlin's own statement on the call noted what it said were a "series of significant issues" around enforcing any agreement with Kyiv. And it said the end of foreign support and intelligence for Ukraine was a "key condition" for Russia.

Trump and Putin agreed to immediate technical-level talks towards a longer-term settlement, which the Kremlin said must be "complex, stable and long-term in nature".

But it's unclear if this means further negotiations between the US and Russia, or bilateral talks between Russia and Ukraine.

The Kremlin also said Trump supported Putin's idea of holding ice hockey matches between professional US and Russian players.

Russia was frozen out of ice hockey events overseas after the country invaded Ukraine in 2022.

Kyiv will probably see the outcome of Tuesday's much-anticipated phone call as Putin playing for time, while he adds crippling conditions on any settlement.

Putin has previously insisted Russia should keep control of Ukrainian territory it has seized and has called for Western sanctions to be eased as part of any eventual peace settlement.

The Russian leader has already tasted Trump's readiness to cut off US support to Ukraine, and is trying to get him to repeat it - while tossing the ball back to Kyiv.

Earlier this month the US temporarily suspended military and intelligence aid to Ukraine after Trump and Zelensky had an altercation in the Oval Office, BBC reported.

Trump and his Vice-President JD Vance dressed down Zelensky in front of the world's media, accusing him of being ungrateful for American support.

Speaking at a news conference on Tuesday in Berlin with French President Emmanuel Macron, German Chancellor Olaf Scholz said the limited ceasefire plan was an important first step, but he again called for a complete ceasefire.

Meanwhile, British Prime Minister Sir Keir Starmer spoke to Zelensky after the Trump-Putin call and "reiterated [the] UK's unwavering support", a Downing Street spokeswoman said.

President Donald Trump is ordering a pause on shipments of US military aid to Ukraine after his heated Oval Office argument with Ukrainian President Volodymyr Zelensky last week, a White House official told CNN Monday, CNN reported.

The halt in aid, which came after Trump held a series of meetings with top national security officials at the White House, could have dire effect on Ukraine’s war-fighting abilities, officials and analysts said. It will remain in place until Trump determines Zelensky has made a commitment to seeking peace talks, one official said, essentially forcing Ukraine to a negotiating table by threatening further losses on the battlefield.

“The president has been clear that he is focused on peace. We need our partners to be committed to that goal as well. We are pausing and reviewing our aid to ensure that it is contributing to a solution,” the White House official said.

After more than a week of open hostility between Washington and Kyiv, Monday’s pause was the most material sign of how far the relationship has deteriorated since Trump took office.

In recent weeks, Trump has echoed Russian President Vladimir Putin’s talking points, falsely claiming Ukraine started the war and accusing Zelensky of being a dictator, but his decision to halt the delivery of military aid is a move that could have real consequences for the balance of the conflict and strengthen Putin’s hand.

The pause will apply to all military equipment not yet inside Ukraine, officials said, and amounts to a direct response to what Trump views as Zelensky’s bad behavior last week.

Ukraine could likely sustain its current fighting pace for several weeks — perhaps until the start of the summer — before a US pause would begin to have a major effect, Western officials said in the wake of the decision. The Biden administration rushed shipments of weapons to Ukraine in its waning days, providing the country with large stockpiles of advanced weapons, according to CNN.

It is those sophisticated weapons — including the long-range ATACMS missiles — that have allowed Ukraine to strike deep into Russian territory, a strategy that could suffer if those weapons remain paused.

While European nations may be able to replace US shipments of artillery, supplemented by Ukraine’s own growing defense industry, the most advanced weapons used by Kyiv come from the United States.

Impact could be ‘crippling’

“The impact is going to be big. I would call it crippling,” said Mark Cancian, a senior adviser with the Center for Strategic and International Studies who has closely followed the war.

Cancian estimated that Ukraine would feel the impacts of the pause in aid within two to four months, as aid from European countries helps Kyiv remain in the fight for now. “That’s why they don’t fall off a cliff, but when your supplies get cut in half, eventually that shows up on the front lines,” Cancian said. “Their front lines would continue to buckle and eventually they would break and Ukraine would have to accept an adverse – even catastrophic – peace settlement.”

But Cancian warned the Trump administration has more forms of aid to Ukraine that can be paused or canceled altogether, including intelligence sharing and the training of Ukrainian forces. “There might be a way out of this, but it’s going to be extremely humiliating for Zelensky,” Cancian said.

The White House made the decision to pause military aid to Ukraine for now as officials seek an acknowledgement from Zelensky about the breakdown in relations following Friday’s blowup in the Oval Office.

According to several officials, Trump and his senior aides are seeking an acknowledgement from Zelensky – potentially in the form of a public apology – before moving ahead with a deal on Ukraine’s rare earth minerals, which had been close to agreement before Friday’s meeting, or a discussion on continuing foreign aid. The decision to halt the aid was made later on Monday, one person said, and is part of a pressure strategy on Ukraine, CNN reported.

Secretary of State Marco Rubio publicly called for Zelensky to apologize for Friday in an interview on CNN.

The halt puts Trump even more clearly at odds with the United States’ traditional European allies like Britain and France, who made clear their support for Zelensky at a summit in London on Sunday.

“There is a capability gap that Europe cannot fill alone,” one US official said.

A European official called the Trump administration’s decision to pause military aid to Ukraine “petty and wrong.”

The official said it will immediately deepen distrust in the US government among the Ukrainian people. The official also predicted it will cause unnecessary civilian casualties, as Ukraine will not be able to defend against Russian air attacks after they run out of air defense missiles.

An angry White House clash between Ukrainian President Volodymyr Zelenskyy and Donald Trump divided the US president’s fellow Republicans and dimmed prospects that Congress will approve any further aid for Kyiv in its war with Russia. On Saturday, Republican Senator Lisa Murkowski said there were “whispers from the White House that they may try to end all US support for Ukraine... I am sick to my stomach as the administration appears to be walking away from our allies and embracing Putin, a threat to democracy and US values around the world.”

Other Republicans who had long supported Ukraine lashed out at Zelenskyy after Friday’s exchange, in which Trump and Vice-president JD Vance berated the Ukrainian leader before the world’s media, accusing him of disrespect. Senator Lindsey Graham called for Zelenskyy to change his tune or resign, just hours after attending a friendly meeting between Zelenskyy and a dozen senators.olo

“What I saw in the Oval Office was disrespectful, and I don’t know if we can ever do business with Zelenskyy again,” Graham, a close Trump ally, told reporters as he left the White House after the clash, which drove relations with Kyiv’s most important wartime ally to a new low. “He either needs to resign and send somebody over that we can do business with, or he needs to change,” the South Carolina senator said.

Senator Bill Hagerty of Tennessee, who was ambassador to Japan during Trump’s first term, posted on X: “The United States of America will no longer be taken for granted.” But even as most Republicans rallied behind Trump and Vance, some joined Democrats in defending Ukraine.

New York Representative Mike Lawler, in a post on X, called the Oval Office meeting “a missed opportunity for both the United States and Ukraine—an agreement that would undoubtedly result in stronger economic and security cooperation.”

Representative Don Bacon, a moderate Republican from Nebraska, threw his support behind Kyiv. “A bad day for America’s foreign policy. Ukraine wants independence, free markets and rule of law. It wants to be part of the West. Russia hates us and our Western values. We should be clear that we stand for freedom,” he said in a statement.

Neither of the Republican lawmakers criticized Trump or Vance.

Minerals deal

Zelenskyy was in Washington to sign an agreement to jointly develop Ukraine’s rich natural resources with the United States. The Ukrainian leader had seen the meeting with Trump and Vance as an opportunity to persuade the US not to side with Russian President Vladimir Putin in his war with Moscow’s smaller neighbor. Instead, Zelenskyy was told to leave and the agreement was left unsigned.

Kyiv’s backers had hoped the deal would help win more support from Trump’s Republicans—who hold slim majorities in the Senate and House of Representatives—for future aid. Congress has approved $175bn in assistance since Putin launched his full-scale invasion three years ago, but the last measure passed in April, when Democrats controlled the Senate and Democrat Joe Biden was in the White House.

Even then, congressional Republicans slow-walked the bill under pressure from candidate Trump, who has been skeptical of further military aid to Ukraine, leading to delays in delivering weapons that put Ukrainian troops on the back foot in the battlefield. If Trump, the party leader, had skin in the game and was promoting a “very big” minerals deal he had negotiated, analysts said, it would likely have rallied Republican support for Ukraine aid.

Some Republicans who have advocated for assisting Ukraine said they hoped relations could be rebuilt. Representative Michael McCaul, chairperson emeritus of the House Foreign Affairs Committee, said he still hoped for a real and lasting peace that ensures Ukraine would be free from further Russian aggression.

“I also urge President Zelenskyy to sign the mineral deal immediately,” the Texas lawmaker posted on X. “It will create an economic partnership between the United States and Ukraine. It is in both of our interests to get this deal done.”

Reuters

The ripples of the Trump administration's decision to freeze USAID under the pretext of misuse and abuse have caused turmoil across the world. As US government officials proclaimed on multiple occasions, “USAID funded an atheism expansion project in Nepal,” narratives colored with religious conversion and secularism are snowballing across Nepal. There is extraordinarily more to the funding debacle than meets the eye.

Originally for religious freedom

In 2021, the United States Department of State Bureau of Democracy, Human Rights and Labor (DRL) announced a Notice of Funding Opportunity (NOFO) for ‘DRL FY20 IRF Promoting and Defending Religious Freedom Inclusive of Atheist, Humanist, Non-Practicing, and Non-Affiliated Individuals’. The amount of $500,000 would be awarded to projects that support religious freedom in two or three countries in the regions of South/Central Asia and the Middle East/North Africa. An overview of expected outcomes from the projects: increased availability of mechanisms for atheists and nonbelievers; increased capacity among members of atheists; increased awareness of religious pluralism. In principle, DRL presupposes these groups experience discrimination, abuses and harassment.

Because it was an open competition award, any country from the two specified regions was entitled to apply. Perusal of the NOFO details as spelled out by the State Department does not suggest “expansion” of atheism per se. Linda Qiu ingeniously called out the misleading statement by speaker Mike Johnson, “$100m on initiatives like expanding atheism in Nepal”. It was Brian Mast (Republican Congressman) who first brought Nepal’s issue to Congress hearing in March 2024 and February 2025, subsequently in an interview, and repeatedly framed the ‘religious freedom’ grant along the lines of ‘promotion or expansion of atheism’. In this particular context, authority bias was apparent—because high-ranking officials said it, it must be true. Qiu has debunked it with fact-checking; the half a million dollars in funding was the initiative of the State Department, not the USAID.

Misplaced funding

The Humanist International (HI) group secured the award of $500,000 and in the documents obtained by lawmakers in the US, it was discovered that the group intended to use the funding in Sri Lanka and Nepal. Michael T McCaul (chairman of the US Foreign Affairs) has expressed deep concern and dissatisfaction over the funding, as it is against the US Constitution to promote any religious ideology overseas. It is profoundly insulting for him that the State Department decided to entrust HI, whose CEO pushes for anti-Catholic agendas—an organization with anti-religious objectives. Whereas McCaul accuses the department of exercising their creativity in the name of religious freedom and criticizes one key project implementer for keeping details a secret, the department blames the HI for being untruthful.

Of course, the atheism project that Hl designed to implement in Nepal is at odds with the religious freedom project that the State Department envisioned to fund. To be sure, such a discrepancy is a result of the department’s failure to do due diligence. Was this a case of organizational corruption or what MaCaul calls a blatant favoritism on the part of the department? In any case, the State Department should be accountable, more than anyone else, for the administrative lapses and its impractically misplaced project. Because of such a laxity, the already-present preconceived notion or Hindutva propaganda is being reinforced: behind the introduction of secularism in Nepal was international development aid from the US and other Western powers.

Anti-secularists unleashed

The USAID fiasco and atheism grant have activated anti-secular forces in Nepal. Despite the assurance of Dean R Thomson, US ambassador to Nepal, last March 2024, the chairman of Rastriya Prajatantra Party (RPP), Rajendra Lingden, harped on the ‘atheism funding’ issue in one of the latest parliament sessions in February 2025. He unabashedly misled the parliament by conflating atheism, religious conversion and secularism. It was indisputably a well-colluded or calculated move to obscure the issue and undermine secularism. Not surprisingly, another member of RPP, Gyanendra Shahi, in one press meet, echoed the claims of Lingden verbatim, as all the pro-Hindu kingdom forces are predisposed to.

The end of the Hindu kingdom must have been such a huge blow to the RPP and its supporters that it has severely or interminably affected their ears. Any debate, utterances or conversations on secularism fell in their impaired ears, it is translated into religious conversion; hard of hearing, lately they translated atheism into secularism and religious conversion. It is high time the rankled anti-secularists learn that atheism, secularism and religious conversion are conceptually disparate regardless of religion being an overlapping element in them.

Neither the State Department NOFO document nor US officials (Brian Mast, Mike Johnson, and others) spelled out the term ‘secularism’ or ‘religious conversion.’ Seeking to prove that external powers (USA) funded religious conversion and secularism is an expedient method at anti-secularists’ disposal to weaken the legitimacy of secularism in Nepal. Little do they realize that this project of atheism was part of the Biden administration (2020-2024), and Nepal cemented its secular identity in 2007 and subsequently in 2015. To reinvigorate the preexisting narrative, the atheism grant example is being invoked or exploited so that the national sentiments against secularism are fueled. Social media platforms are rife with conversations or comments that attempt to render objectivity to such misleading narratives.

On social media platforms, the legendary comedians, the duo of Madan Krishna Shrestha and Hari Bansha Acharya, have been subjected to witch-hunting over atheism allegations, especially by anti-secularists. Because of recourse to a retroactive judgment mode, telefilms or plays they produced decades ago are under scrutiny as if USAID funded them for religion or atheism projects. Fueled by misleading information, some critics, keyboard warriors and social media mobs have ganged up against the duo by blatantly ignoring the nuances of USAID’s grant provided to the few projects throughout their careers. In addition to the duo comedians, Krishna Dharabasi, Kunda Dixit, Amar Neupane and Khagendra Sangraula, among others, are not only facing backlash with vitriolic comments—ad hominem attacks—from cyber warriors, but they are also on the verge of becoming victims of what is called the ‘cancel culture’.

Atheism deserves protection

McCaul laments and criticizes the State Department for not funding any project that tackles persecution of Christian and Muslim minorities in South Asia while spending taxpayers’ money for atheist/humanist programs inconsistent with US law. If a project that ensures freedom of atheists translates into an ideologically charged endeavor, how do supporting Christians and Muslims transcend the similar allegations? Ample evidence from countries has emerged where atheists are targeted; non-religious people are ostracized in India, Colombia, and the Philippines, while atheists and non-believers are imposed death penalties in Afghanistan, Iran, Sudan and the UAE. Thus, should Nepali atheists in the future be victims of such mistreatment, then it definitely calls for intervention in terms of funding from USAID, the State Department or other agencies.

Ukrainian President Volodymyr Zelenskiy is leaving the White House early on Friday after a contentious Oval Office meeting with President Donald Trump, a White House official said.

Zelenskiy is "not ready for Peace if America is involved," U.S. President Donald Trump said in a post on Truth Social on Friday, following a contentious meeting between the leaders in the Oval Office.

"I have determined that President Zelenskyy is not ready for Peace if America is involved, because he feels our involvement gives him a big advantage in negotiations. I don't want advantage, I want PEACE. He disrespected the United States of America in its cherished Oval Office. He can come back when he is ready for Peace,” Trump said.

JOSÉ TORRES, SENIOR ECONOMIST, INTERACTIVE BROKERS, GREENWICH, CONNECTICUT

“Twice today we saw traders come in and defend the pivotal 5840 level on the S&P, a figure that corresponds to a 5% drawdown from the peak. The first time was after monthly consumer spending posted its sharpest month-over-month decline in four years, then the index bounced back. The heated exchange between Trump and Zelenskiy took it down even further, to about 5837, at which point traders stepped in. People are seeing any broad-based drawdown as a reason to come in and buy the dips. Also, right now, the bar is pretty high when it comes to trying to startle markets. We’ve had wild swings on a number of fronts, including geopolitical incidents like this one. So folks are braced for these intraday swings. Ultimately, the market is hoping for peace between Ukraine and Russia, but how that gets done will be pivotal. Anything too one-sided favoring Moscow would be a market negative."

CAROL SCHLEIF, CHIEF MARKET STRATEGIST, BMO PRIVATE WEALTH, MINNEAPOLIS, MINNESOTA

“Markets will continue to be more focused on tariff policy – how much, who, when – and what it implies for business activity and consumers spending and confidence. Most U.S. investors (and voters) pay attention to what hits the pocket book closer to home and Russia/Ukraine has been just one of many global considerations on the edges for a very long time."

“On the other hand, European markets could be more impacted given it would seem increasingly clear that Ukraine’s defense and/or dealing with Russia will be left to them”

ADAM SARHAN, CHIEF EXECUTIVE, 50 PARK INVESTMENTS, NEW YORK

"The market initially sold off because it was a heated and contentious conversation, which is not usually a good thing between two leaders of the world, especially when it has to do with a war. The news, if you watched it live, it was pretty worrisome. It got heated, and Zelenskiy is considered an ally of the U.S... That's why the market sold off, but then cooler heads prevailed. Zelenskiy either is going to make a deal or he's not, and Trump is offering him a deal. He could walk out and they could have a deal next week. But does this mean the market is going to get crushed? No. Nothing has really changed... But the market is under a lot of pressure. All of the post-election gains have been erased. That’s a big sign. And the growth stocks that were leading the market higher over the last several months have now turned lower, and there's a big concern as we go into the weekend that there's going to be the tariffs coming back for Canada and Mexico."

MARSHALL FRONT, SENIOR MANAGING DIRECTOR, FRONT BARNETT, A MERISOW COMPANY, IN CHICAGO

“As an investor you have to wait and see what the outcome is , rather jump to some conclusion. Trump desperately wants to get something done, Zelenskiy wants to get something done, and Putin does too. The question is, where will that settle? We don’t know. The reaction in the market was predictable, when people started to see this show, market sold off. Now that Zelenskiy has left the WH it’s settled."

"On Trump’s pivot on Ukraine policy: “It’s created a lot of uncertainty, on this issue. And uncertainty is something markets abhor. They (Investors) are trying to see, without a lot of information, where things are going."

SPENCER HAKIMIAN, CEO, TOLOU CAPITAL MANAGEMENT, NEW YORK

"This is terrible and very risk off, but it’s very bullish for European defense manufacturers, as they’ll need to arm themselves via domestic producers. We bought those stocks in January for the first time ever."

RICK MECKLER, PARTNER, CHERRY LANE INVESTMENTS, NEW VERNON, NEW JERSEY

"I don't think it hurt the market so much because of what he had to say, but the unconventional nature of it raised the issue for investors of how unpredictable and uncertain the Trump administration can be. The market likes certainty. It likes a plan. There are so many things happening in this government at once - all of which are to some extent groundbreaking - and this just added one more feature to it. So that's where the market (took a) leg down a little bit, thinking this is just a sign of a lack of predictability and more traditional approaches to diplomacy."

DAVID WAGNER, HEAD OF EQUITIES AT APTUS CAPITAL ADVISORS IN FAIRHOPE, ALABAMA

“The S&P 500 is starting to see its first pullback of 2025. On the surface, the S&P is -5% off the highs, but there’s been dramatic moves underneath the hood of the index. The point here is: much of the motion looks driven by “positioning unwinds” versus “fundamental distress”. And looking at this past quarter's earnings season helps us validate that thought, as the spread between the Mag 7 and remaining 493 earnings saw its most narrow gap since Q1 2023.

"But, now that earnings season is essentially over now that NVDA is behind us, I'd expect a lot of policy out of Washington DC to dictate some near term volatility in the market. “

JACK MCINTYRE, PORTFOLIO MANAGER, BRANDYWINE GLOBAL, PHILADELPHIA

"It’s disturbing, but maybe this is part of Trump’s way of negotiating … A big driving force of markets now is uncertainty on a lot of different levels, and this is just another part of that. It looked like we were moving towards progress on a peace deal or a ceasefire between Russia and Ukraine and maybe now that gets to come on hold, so you have to price in a little bit more uncertainty. We’re not doing anything, we’re going to let the dust settle." REUTERS

Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trumpclashed at a White House meeting that ended in disaster on Friday, prompting an outpouring of reaction from across the globe.

ZELENSKIY ON X

"Thank you America, thank you for your support, thank you for this visit. Thank you @POTUS, Congress, and the American people. Ukraine needs just and lasting peace, and we are working exactly for that."

In a social media post on Saturday:

"It is very important for us that Ukraine is heard and that no one forgets about it, neither during the war nor after. It is important for people in Ukraine to know that they are not alone, that their interests are represented in every country, in every corner of the world."

CANADIAN PRIME MINISTER JUSTIN TRUDEAU ON X

"Russia illegally and unjustifiably invaded Ukraine. For three years now, Ukrainians have fought with courage and resilience. Their fight for democracy, freedom, and sovereignty is a fight that matters to us all. Canada will continue to stand with Ukraine and Ukrainians in achieving a just and lasting peace."

GERMAN CHANCELLOR OLAF SCHOLZ

"No one wants peace more than the citizens of Ukraine! That is why we are jointly seeking the path to a lasting and just peace. Ukraine can rely on Germany – and on Europe."

FRENCH PRESIDENT EMMANUEL MACRON TO REPORTERS IN PORTUGAL:

"Russia is the aggressor, and Ukraine is the aggressed people. I think we were all right to help Ukraine and sanction Russia three years ago, and to continue to do so. We, that is the United States of America, the Europeans, the Canadians, the Japanese and many others. And we must thank all those who have helped and respect those who have been fighting since the beginning. Because they are fighting for their dignity, their independence, their children and the security of Europe. These are simple things, but they're good to remember at times like these, that's all.

ITALIAN PRIME MINISTER GIORGIA MELONI

"Every division of the West makes us all weaker and favours those who would like to see the decline of our civilisation. Not of its power or influence, but of the principles that founded it, first and foremost freedom. A division would not benefit anyone. What is needed is an immediate summit between the United States, European states and allies to talk frankly about how we intend to deal with the great challenges of today, starting with Ukraine, which we have defended together in recent years, and those that we will be called upon to face in the future. This is the proposal that Italy intends to make to its partners in the coming hours."

SPOKESPERSON FOR BRITISH PRIME MINISTER KEIR STARMER

"He retains his unwavering support for Ukraine and is playing his part to find a path forward to a lasting peace, based on sovereignty and security for Ukraine."

AUSTRALIAN PRIME MINISTER ANTHONY ALBANESE

"We will continue to stand with Ukraine for as long as it takes, because this is the struggle of a democratic nation versus an authoritarian regime led by Vladimir Putin, who clearly has imperialistic designs, not just on Ukraine, but throughout that region."

CANADIAN FOREIGN MINISTER MELANIE JOLY ON X

"Canada remains committed to providing the necessary assistance to ensure Ukraine's security, sovereignty, and resilience."

DENMARK'S FOREIGN MINISTER LARS LOKKE RASMUSSEN ON FACEBOOK

"It's a punch in the gut for Ukraine. ... There must be room for robust conversations - even between friends. But when it happens in front of rolling cameras like that, there is only one winner. And he sits in the Kremlin."

FORMER RUSSIAN PRESIDENT DMITRY MEDVEDEV, DEPUTY CHAIRMAN OF RUSSIA'S SECURITY COUNCIL, ON TELEGRAM

"A brutal dressing down in the Oval Office."

EUROPEAN COMMISSION PRESIDENT URSULA VON DER LEYEN ON X

"Your dignity honors the bravery of the Ukrainian people. Be strong, be brave, be fearless. You are never alone, dear President.

"We will continue working with you for a just and lasting peace."

MOLDOVAN PRESIDENT MAIA SANDU ON X

"The truth is simple. Russia invaded Ukraine. Russia is the aggressor. Ukraine defends its freedom - and ours. We stand with Ukraine."

SPANISH PRIME MINISTER PEDRO SANCHEZ ON X

"Ukraine, Spain stands with you."

HUNGARIAN PRIME MINISTER VIKTOR ORBAN ON X

"Strong men make peace, weak men make war. Today President @realDonaldTrump stood bravely for peace. Even if it was difficult for many to digest. Thank you, Mr. President!"

NORWEGIAN PRIME MINISTER JONAS GAHR STOERE IN STATEMENT TO TV2

"What we saw from the White House today is serious and disheartening. Ukraine still needs the US's support, and Ukraine's security and future are also important to the US and to Europe. President Volodymyr Zelenskiy has strong support in Ukraine, broad support in Europe, and he has led his people through a very demanding and brutal time, under attack from Russia. That Trump accuses Zelenskiy of gambling with World War III is deeply unreasonable and a statement I distance myself from. Norway stands with Ukraine in their struggle for freedom. We hope that the Trump administration also understands the importance of a just and lasting peace in Ukraine."

CZECH PRESIDENT PETR PAVEL ON X

"We stand with Ukraine more than ever. Time for Europe to step up its efforts."

DUTCH PRIME MINISTER DICK SCHOOF

"The Netherlands continues to support Ukraine. Especially now. We want lasting peace and an end to the war of aggression that Russia has started. For Ukraine, for all its inhabitants and for Europe."

ESTONIAN FOREIGN MINISTER MARGUS TSAHKNA ON X

"The only obstacle to peace is (Russian President Vladimir) Putin's decision to continue his war of aggression. If Russia stops fighting, there will be no war. If Ukraine stops fighting, there will be no Ukraine. Estonia's support to Ukraine remains unwavering. Time for Europe to step up."

POLISH PRIME MINISTER DONALD TUSK ON X

"Dear @ZelenskyyUa, dear Ukrainian friends, you are not alone."

GEORGIAN PRIME MINISTER IRAKLI KOBAKHIDZE

"Yesterday, once again, a clear line was drawn between the war party and the peace party. I am referring not so much to the debate between Trump and Zelenskiy, but to the subsequent reactions to this debate. President Trump and his peace efforts were condemned one after another by people responsible for allowing a bloody war and callously sacrificing Ukraine and the lives of thousands of Ukrainians."

GREEK FOREIGN MINISTER GEORGE GERAPETRITIS

U.S. support in the conflict in Ukraine is necessary, although Europe still needs to upgrade its own defence infrastructure, the minister said.

SWISS PRESIDENT KARIN KELLER-SUTTER ON X

"Switzerland remains firmly committed to supporting a just and lasting peace, while condemning Russia's aggression against a sovereign state."

JOHANN WADEPHUL, DEPUTY OF CONSERVATIVE PARTY-GROUP IN GERMAN PARLIAMENT, THE PARTY OF INCOMING CHANCELLOR FRIEDRICH MERZ, ON X

"The scenes from the White House are shocking. How can you stab the president of an invaded country in the back like this? Free Europe will not betray Ukraine!"

ITALIAN DEPUTY PRIME MINISTER MATTEO SALVINI, LEADER OF THE FAR-RIGHT LEAGUE PARTY ON X

"Aim for PEACE, stop this war! Come on @realDonaldTrump".  Reuters

Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trumpclashed at a White House meeting on Friday, prompting an outpouring of reaction from members of Congress and other officials.

U.S. NATIONAL SECURITY ADVISOR MIKE WALTZ ON X

"President Trump is trying to achieve peace and this economic deal was part of it. Instead, President Zelensky chose to come into the Oval Office and downplay American contributions to defending Ukraine and disrespect our country. Too many people are dying to keep demanding more."

PENNSYLVANIA GOVERNOR JOSH SHAPIRO

"The Oval Office should be a place where we advance American values – not where we retreat from them. When the President and Vice President attacked President Zelenskyy today, they served to undermine the safety and security of America and our national security interests. I support a diplomatic end to this war. Achieving this requires an honest reckoning of who started the war and who the aggressor is, and to that question, there is only one answer: Russia."

STATE DEPARTMENT SPOKESPERSON TAMMY BRUCE TO FOX BUSINESS

“What of course, we always recognize, and what's vitally important in the diplomatic world and the democratic world is that the people of Ukraine will decide those issues…. President Zelenskiy I think maybe is having some second thoughts, but he has a chance to turn this around, and he probably should, for the sake of his people."

"I remain hopeful that we can still achieve a real and lasting peace in Ukraine that ensures Ukraine will be free from further Russian aggression. I also urge President Zelensky to sign the mineral deal immediately. It will create an economic partnership between the United States and Ukraine. It is in both of our interests to get this deal done."

SENATOR LINDSEY GRAHAM OF TRUMP'S REPUBLICAN PARTY, SPEAKING TO REPORTERS:

"What I saw in the Oval Office was disrespectful and I don't know if we can ever do business with Zelenskiy again."

"He either needs to resign and send somebody over that we can do business with, or he needs to change."

REPUBLICAN REPRESENTATIVE DON BACON

"A bad day for America's foreign policy. Ukraine wants independence, free markets and rule of law. It wants to be part of the West. Russia hates us and our Western values. We should be clear that we stand for freedom.-Rep. Bacon in an emailed statement."

SENATOR JEANNE SHAHEEN, RANKING DEMOCRAT ON THE SENATE FOREIGN RELATIONS COMMITTEE, ON WMUR TV IN NEW HAMPSHIRE

"It's distressing to see the President is walking away from our commitment in Ukraine, and doesn't seem to understand what a murderous dictator Vladimir Putin is."

REPUBLICAN SENATOR BILL HAGERTY, WHO WAS U.S. AMBASSADOR TO JAPAN DURING TRUMP'S FIRST TERM, ON X

"The United States of America will no longer be taken for granted. The contrast between the last four years and now could not be more clear. Thank you, Mr. President."

REPUBLICAN REPRESENTATIVE RALPH NORMAN ON X

"THIS is strong leadership that is ensuring we put the American people FIRST. Thank you @realDonaldTrump and @JDVance for standing up for our nation."

HOUSE OF REPRESENTATIVES DEMOCRATIC LEADER HAKEEM JEFFRIES IN A STATEMENT

"President Trump and his administration continue to embarrass America on the world stage. Today’s White House meeting with the President of Ukraine was appalling and will only serve to further embolden Vladimir Putin, a brutal dictator. The United States must not reward Russian aggression and continue to appease Putin.

"For three years, President Zelensky and the Ukrainian people have stood on the side of democracy, freedom and truth. Their success is in the national security interests of the United States. We should stand with Ukraine until victory is won."

DEMOCRATIC SENATOR JACK REED, RANKING MEMBER OF THE SENATE ARMED SERVICES COMMITTEE, IN A STATEMENT

“Today’s spectacle in the Oval Office was a political ambush and a shameful failure of American leadership.

“President Zelenskyy and the people of Ukraine are fighting for their very lives and existence. Unlike Donald Trump or JD Vance, I have traveled to Ukraine and seen firsthand the death and destruction wrought by Vladimir Putin against innocent people. To mock Ukraine and our allies is a travesty that only benefits (Russian President Vladimir) Putin."

“Furthermore, today’s cruel and callous display does great harm to U.S. standing in the world. Trump and Vance are communicating to the world that the United States is not to be trusted. Adversaries and allies alike will take note."

DEMOCRAT GREGORY MEEKS, RANKING MEMBER OF THE HOUSE FOREIGN AFFAIRS COMMITTEE, IN A STATEMENT

“The world just watched the supposed leader of the free world throw a temper tantrum in the Oval Office, lashing out at a war-time President fighting for his nation’s survival. Trump and (Vice President JD) Vance’s outburst did nothing to advance America’s interests or bring Ukraine closer to a just and sustainable peace." Reuters

President Donald Trump said Tuesday that he plans to offer a “gold card” visa with a path to citizenship for $5 million, replacing a 35-year-old visa for investors.

“They’ll be wealthy and they’ll be successful, and they’ll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think it’s going to be extremely successful,” Trump said in the Oval Office.

Commerce Secretary Howard Lutnick said the “Trump Gold Card” would replace EB-5 visas in two weeks. EB-5s were created by Congress in 1990 to generate foreign investment and are available to people who spend about $1 million on a company that employs at least 10 people.

Lutnick said the gold card — actually a green card, or permanent legal residency — would raise the price of admission for investors and do away with fraud and “nonsense” that he said characterize the EB-5 program. Like other green cards, it would include a path to citizenship.

About 8,000 people obtained investor visas in the 12-month period ending Sept. 30, 2022, according to the Homeland Security Department’s most recent Yearbook of Immigration Statistics. The Congressional Research Service reported in 2021 that EB-5 visas pose risks of fraud, including verification that funds were obtained legally.

Investors’ visas are common around the world. Henley & Partners, an advisory firm, says more than 100 countries around the world offer “golden visas” to wealthy individuals, including the United States, United Kingdom, Spain, Greece, Malta, Australia, Canada and Italy.

Trump made no mention of the requirements for job creation. And, while the number of EB-5 visas is capped, Trump mused that the federal government could sell 10 million “gold cards” to reduce the deficit. He said it “could be great, maybe it will be fantastic.”

“It’s somewhat like a green card, but at a higher level of sophistication, it’s a road to citizenship for people, and essentially people of wealth or people of great talent, where people of wealth pay for those people of talent to get in, meaning companies will pay for people to get in and to have long, long term status in the country,” he said.

Congress determines qualifications for citizenship, but Trump said “gold cards” would not require congressional approval. AP

Shortly after Donald Trump’s second term inauguration, Indian Prime Minister Narendra Modi made a concerted effort to secure his visit to the White House. He was the fourth foreign leader to meet Trump in Washington on Feb 13 after the Israeli Prime Minister, Japanese Prime Minister, and Jordan’s King. During the meeting, Modi discussed possible convergence between the American and Indian dream. Using his unique linguistic expression of mnemonic acronyms, aimed at appealing to Trump, he introduced the MIGA (Make India Great Again), an equivalent version of MAGA (Make America Great Again) for India, and argued, “When America and India work together, this MAGA plus MIGA becomes a ‘MEGA partnership for prosperity’ and it is this MEGA spirit that gives new scale and scope to our objectives.” Though Modi seems excited about the convergence of MAGA and MIGA, questions exist about the various divergences between Trump’s and Modi’s aspirations, from defense to technology and immigration to trade. Though India might experience more relaxation in its internal democracy, treatment of minorities, and Ukraine issues in Trump’s term, it will be hard for India to manage pressure on issues such as immigration, trade, and the defense sector. The article will examine immigration and trade issues, while assessing India’s potential challenges facing Trump’s second term.

On the immigration front

Let’s start with the immigration issue. Immigration has emerged as one of the contentious issues between India and the US in the Trump Era. In this issue, India has already felt pressure from the Trump administration. Before visiting Trump, the Modi administration moved quickly to address the USA’s concerns about illegal Indian immigrants that predominantly aligned with Trump's point. When the Trump administration was deporting ‘illegal/undocumented’ Indian citizens in handcuffs and leg restraints, Indian Foreign Minister Jaishankar remarked in Indian parliament that Indians agreed with the USA for deportation. Though the Modi administration is trying to settle the issue in haste, the problem will not likely evaporate soon because of the vast number of Indian illegal immigrants and denunciations of Modi’s move at home.

As the Trump administration initiated the mass deportation of undocumented/illegal immigrants, according to US sources, they have identified around 18,000 Indians as illegally entering the US. However, recent research shows a different picture. According to the Pew Research Center, this number is around 725,000, the third biggest after Mexico and El Salvador. Similarly, the Center for Migration Studies of New York (CMS) estimates such numbers around 693,394. The Department of Homeland Security (DHS) offers another picture, reporting 220,000 unauthorized Indians in 2022. Though there lacks a unified view on the number of undocumented and illegal Indians in the US, it is evident that India is one of the major sources of illegal immigrants in the USA.

During Modi’s recent visit to the US, he agreed to ‘aggressively address illegal immigration and human trafficking,’ a move that has raised concerns in India. While Modi was compelled to match Trump’s tone on the issue of illegal Indian immigrants, diverse concerns and worries are looming in India, particularly regarding the deportation of large numbers of such immigrants to India by the USA. Indian opposition leaders and representatives from locations such as Punjab and Gujrat have been vocal in their criticism of the Indian government’s alignment with the US rather than protecting the rights and interests of their citizens. For instance, Congress leader Manish Tiwari writes, “He [Jaishankar] unfortunately sounded more like a mid-level official of the American Administration rather than the Foreign Minister of India.” Despite Modi’s frequent pledges to ensure the security, safety, and dignity of India’s nationals worldwide, the continuous deportations of Indians in the future will undoubtedly hurt India’s dignity. The Modi administration’s hasty agreement to deport to please Trump has made it difficult for Modi to escape the issue quickly, potentially damaging his strong-man image at home and abroad.

Beyond undocumented and illegal Indian Immigrants, rapidly rising Indian diasporas and their considerable influence are also issues for the Trump-led Rights movement in the USA. Indian-origin people are one of the largest sections of the population in the USA and only second after Mexico. According to Pew Research, around 4.8m Indian Americans live in the USA; out of them, 66 percent were born in India, and 34 percent were born in the USA. as of 2022. Similarly, Statista says over 5.4m Indians live in the USA. Though there is divergence in the number of various sources, Indian Origin people hold a considerable number in the USA. Along with size, Indian Americans are emerging rapidly as an influential section. Indian-origin people are significant beneficiaries of the H-1B visas, which are specially provided to skilled professionals. For instance,according to US official data, Of the H-1B petitions approved in FY 2022, 72.6 percent were for beneficiaries whose country of birth was India. Similarly, the section earns more than double that of the US native and other foreign-born populations. According to Pew Research, the median income of Indian Americans is $145000, whereas the USA’s average median income is around $80,000. Similarly, Indian Americans have emerged as more influential in every area, from business to politics. For Instance, Sundar Pichai is leading Google, whereas Satya Nadella is at Microsoft. Likewise, former Vice-president Kamala Haris, current Director of National Intelligence Tulsi Gabbard, and Republican Leader Vivek Ramaswamy are big names in American politics.

The rise of the Trump phenomenon is pushed by the notion of ‘white supremacy’ that many believers perceive that non-whites are challenging their supremacy in every sector, from jobs to political positions. Though it is not explicitly mentioned in Trump’s recent addresses, such orientation is deeply rooted in the Right-wing section. Anxiety and annoyance surfaced towards Indian-origin immigrants to the US, particularly among the MAGA radicals, as this section is doing better than native Americans and other diasporas there. Recently, as Trump appointed some Indian Americans to some administrative posts, there surfaced racist rants and sentiments toward those persons. One survey shows that Indian Americans believe that White Supremacy is the greatest threat to minorities in the USA. For instance, 70 percent of the Hindus in the USA agree that White Supremacy is a threat to minorities, though not all Indian Americans are Hindus, and all Hindus. are not of Indian origin.

Hence, the psyche of White Supremacy promoted by Trump and movements like MAGA question the safety and dignity of Indian origin. It also fuels the anti-immigrant push, such as the attack on birthright citizenship of the Trump administration, which will hurt the Dream of Indian youth to study and settle in the USA to some degree.

On the economic front

On the economic front, Indian protectionist policies and a vast trade deficit have been the significant issues of divergence between India and the US. India has been approached with protectionist policies, which were consolidated after Modi and his Make in India 2015 policy. For instance, an article in The Economist argues that India used to impose tariffs of around 80 percent in the 1990s, which was reduced to 13 percent in 2008 and later raised to around 18 percent in 2023. US President Trump’s former trade representative in 2024 slammed “India as the most protectionist country.” For stance, The US Trade Department’s 2019 report slammed India as the country with the highest tariff among the major world economies, and such policies make it harder for US firms to enter the Indian market. Recently, signaling the Indian tariffs, Trump has argued that “India has been just about the highest tariff nation in the word …hard to sell to India because of very strong tariffs...whatever India charges, we charge them.” And for the US, India’s protectionist policies have always been of concern amid its rising trade deficit.

Trump’s trade deficit with India is a significant concern for the US, and he has flagged that issue several times. Currently, both countries enjoy trade of an estimated $129.2bn, according to US government statistics. The US has a $45.7bn trade deficit with India, with the South Asian country exporting $87.4bn of goods to the US. As Modi argued, both countries have agreed to enhance trade to $500bn, so who will be the winner of that expansion? Who is going to get concessions in the deal? As recent developments indicate, there are clear signs that India will provide concessions for the US on the trade front.

One is the resumption of the Tesla plant in India. Elon Musk led EV company Tesla has been showing its keen interest to enter into the Indian market. Musk has long been lobbying to open the Indian market for Tesla cars and minimize India’s higher tariff, which is 100 percent in EVS, to smoothen the entry of Tesla. However, in 2022, Musk repelled his plan to enter the Indian market or set up a plan in India. He tweeted, “Tesla will not put a manufacturing plant in any location where we are not allowed first to sell and service cars.” This indicates some standoff between Musk and the Indian government regarding opening the Indian market and establishing the Tesla Plant in India. However, since the last Modi meeting in the US and with Musk there, Tesla’s entry into the Indian market is anticipated as the company has issued a notice regarding hiring staff for Tesla in India. In the recent union budget, India has reduced the basic customs duty on luxury vehicles priced above $40,000 from 110 percent to 70 percent, which seems primarily targeted to ease entry of Tesla and bar other EV companies, such as from China, which are selling cheaper EVs. Similarly, it has also lowered tariffs on minerals used for EV batteries.

There are also signals that India will open its market for Musk’s Starlink, an Internet service provider, which India has blocked till now, citing security concerns. The next commodity for reducing the trade deficit is petroleum products. In the meeting, India has agreed to purchase additional petroleum from the US. The US—now the largest petroleum exporter—emerged as India’s 5th largest petroleum import source in January. India shipped 218,400 barrels per day of oil from the US compared to 70,600 bpd in Dec 2024.

Trump marched into the Oval Office with the promise of a protectionist economy at home while compelling others to open their markets for US goods and services. Though the position sounds hypocritical, Trump’s position signals that others have long benefited from the US’s generosity and open-ups, and it is time for others to pay by opening their markets for American goods and services. Hence, as the USA is already a deficit bearer in trade, it is not difficult to read that Trump will compel India to be more open towards American commodities.

Therefore, though Modi seems hopeful about MIGA and MAGA marriage, Trump is eager to challenge various. Indian interests, for example, by imposing tariffs and compelling the Indian market to open up to US products and immigrant issues, including visas. As India is experiencing hard times in its economy, it aims to accelerate it by partnering more with the US in the economic and technological sectors. However, the Trump shock might make it difficult for India to realize this because it is likely that his moves will hurt India’s exports and investment sectors. India will have limited space to ride on the geopolitical competition of China and the US, which India termed strategic autonomy and benefit from competition. In Trump’s era, as he is eager to challenge and punish every movement that harms MAGA, it is very interesting to see how India exercises its strategic autonomy and how much space it will grab from Trump.