China has strongly condemned US Vice President JD Vance for his controversial remarks calling Chinese citizens “peasants” during a Fox News interview defending Trump-era tariffs. The statement ignited a firestorm on Chinese social media, with the term trending on Weibo and accumulating over 140 million views. Chinese officials called the comments “ignorant and disrespectful,” pointing to China’s modern advancements in AI, transport, and logistics. Online commentators criticized Vance’s hypocrisy, citing his rural background as described in his memoir Hillbilly Elegy. The incident further inflames tensions amid ongoing US-China trade and geopolitical friction.
GLOBAL EXECUTIONS SPIKE DESPITE DECLINE
Despite a record-low number of countries carrying out executions in 2024 (just 15), Amnesty International reported a sharp 32% rise in total global executions, reaching 1,518—the highest since 2015. Iran alone accounted for 64% of the total, executing at least 972 people, many for drug offences and political dissent. Iraq and Saudi Arabia followed, with executions quadrupling and doubling respectively. The report warns that the actual numbers, especially in China, North Korea, and Vietnam, may be much higher. Amnesty called this an alarming trend, even as 113 countries have abolished the death penalty and global sentiment shifts against capital punishment.
GOLD PRICES RISE AMID TENSIONS
Gold prices in India rose on April 8 following a sharp dip the previous day. The surge is linked to investor concerns over US President Donald Trump’s reciprocal tariffs, which reignited fears of a trade war. Investors shifted focus to safe-haven assets like gold, driving prices upward. In Delhi, 10 grams of 24k gold is priced at ₹89,880, while 22k gold stands at ₹82,400. Silver prices also rose, with MCX Silver May futures opening at ₹88,898/kg. Globally, gold crossed $3,020/oz, and analysts anticipate further volatility pending US economic data and Fed policy signals.
RUPEE VOLATILITY HITS TWO-YEAR HIGH
India’s rupee volatility has surged to a near two-year high amid rising global trade tensions sparked by fresh U.S. tariffs. As President Trump escalates a trade war with China, the Indian rupee’s one-month implied volatility hit 4.5%, its highest since August 2023. Despite a modest drop in value to 85.90 per U.S. dollar, heightened market uncertainty has triggered panic hedging by exporters and importers. Experts predict the rupee could fluctuate between 84.50 and 86.50 in the coming month. This spike mirrors similar volatility in other Asian currencies, particularly the Chinese yuan, and reflects growing concerns about economic stability.
TRUMP TARIFFS DEVASTATE AFRICAN EXPORTS
Donald Trump’s latest trade policy has sent shockwaves across Africa, with steep new tariffs—up to 50%—targeting exports to the U.S. Lesotho, reliant on textile exports to the U.S., faces economic turmoil as 11 factories and over 12,000 jobs are at risk. South Africa’s auto, agriculture, and citrus sectors are also vulnerable, threatening regional employment and inflation. Analysts warn the tariffs undermine the AGOA agreement, once a pillar of U.S.-Africa trade. With AGOA’s renewal uncertain, African nations may pivot toward regional trade and partnerships beyond the U.S., seeking economic resilience amid escalating global protectionism.
