India's government said it conducted targeted military strikes against Pakistan early Wednesday, a widely anticipated move after it pledged retaliation for a militant attack last month in Kashmir that killed 26 people. Pakistan said it shot down five Indian airplanes in retaliation. The downing of the jets are not "hostile acts" and Pakistan was defending its territory, according to the country's Defense Minister, Khawaja Muhammad Asif. He speaks with Bloomberg's Shery Ahn and Paul Allen.

Plus - US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer will travel to Switzerland later this week for trade talks with China led by Vice Premier He Lifeng, jump-starting negotiations between the two nations. The visit was announced in statements Tuesday from the Chinese and US governments. It will be the first confirmed trade talks between the countries since President Donald Trump announced sweeping tariffs, led by punishing levies on China. We get reaction from Romy Varghese, Bloomberg News Politics Editor, and Bloomberg China Correspondent, Minmin Low.

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