FT News Briefing

Modi’s tariff tap dance with Trump

Mar 14, 2025

Tensions run high as Putin holds firm on demands for a Ukraine ceasefire, complicating peace prospects. Meanwhile, India's Prime Minister Modi faces pressure from Trump over tariff issues, navigating a tricky trade relationship with the U.S. Intel's new CEO raises hopes amidst challenges in the chip market. The complexities of India's agricultural policies and high tariffs add further layers to the already intricate U.S.-India trade negotiations, showcasing the delicate balance Modi must maintain.

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Quick takeaways

Ukrainians remain resolute against Russian ceasefire demands, prioritizing sovereignty and the sacrifices made during an ongoing war.

India's high tariff barriers complicate trade negotiations with the U.S., as Modi navigates pressure to accommodate foreign market access.

Deep dives

Ukraine's Stance on Ceasefire Negotiations

Ukrainians are resolute in rejecting any ceasefire terms proposed by Russia, which aim to diminish Ukraine's sovereignty and establish it as a satellite state under Moscow's influence. Despite the exhaustion from three years of ongoing war, many Ukrainians feel that capitulating to Russia's demands would undermine the sacrifices made during the conflict. The situation is compounded by the perception that Russia's military progress is slow, fueling a sense of determination to continue fighting. However, there is an acknowledgment that achieving a fair end to the war and securing long-term security guarantees from the West is crucial, even if that means conceding some territories.

Intro

2min

Ukraine's Stance Amidst Ongoing Conflict and Uncertain Support

3min

Navigating U.S.-India Trade Dynamics

2min

Navigating Trade Negotiations: India's Strategy with the U.S.

2min

Navigating Trade Challenges: India and U.S. Agriculture

2min

Russian President Vladimir Putin has indicated Moscow is unwilling to drop its maximalist demands over any deal to halt the fighting in Ukraine, and Intel’s new chief executive has made investors excited. Plus, India’s Prime Minister Narendra Modi is in a tough spot over how he handles tariffs from the US.

Mentioned in this podcast:

Putin voices doubts over US proposal for Ukraine ceasefire

Intel shares soar after troubled chipmaker appoints Lip-Bu Tan as CEO

‘Whatever you charge, I’m charging’: Donald Trump forces India’s hand on tariffs

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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