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Good evening, On an otherwise favourable day for Republicans—who critically held two House seats—the most significant blow came from Wisconsin. What should have been a routine, run-of-the-mill race for the state’s Supreme Court seat caught Elon Musk’s eye, and his millions started pouring in for Republican candidate Brad Schimel. Per official figures, the run-off drew over $90 million in spending, making it the most expensive judicial race in US history. At stake was the liberal majority of the Wisconsin Supreme Court, which could potentially influence issues such as redistricting. Not to forget the state’s added importance as a swing state, which Donald Trump carried en route to the White House. The Democrats, still reeling from their electoral shellacking in November, had a point to prove. So, they made this election about Musk, much like he sought to do it himself. Susan Crawford, the Democratic candidate, was a former Dane County judge, received endorsements from Barack Obama, George Soros, and LinkedIn cofounder Reid Hoffman. I’ve been building this one up, but on Tuesday, Crawford defeated Schimel by a comfortable 9-point margin, solidifying the court’s liberal majority. On that note, let’s dive into today’s edition 👇🏽
📝 The Debrief
Its here
In a few hours, US President Donald Trump will walk to the Rose Garden at the White House to announce tit-for-tat tariffs that could upend global trade in the near future. The build-up to this day has been erratic, to say the least. Even on Tuesday, White House Press Secretary Karoline Leavitt hinted that Trump was open to negotiations following the announcement, even as these tariffs will take immediate effect on Thursday. Down to the wire: If you read between the lines, it points to reigning confusion within Trump’s inner circle on the finer details (such as the size and scope) of these tariffs, which several media reports said were still being worked out at the 11th hour. What is for sure is that he's going ahead and that uncertainty looms large over the global economy. How much? We’ll know soon. The first handshake: India is trying to placate Trump, and in the US President’s words on Tuesday, “I heard that India is going to be dropping tariffs substantially.” To this end, India has agreed to the Terms of Reference (ToR) for the Bilateral Trade Agreement (BTA) with the US. As my colleague Ravi Dutta Mishra reported, the agreement came following an intervention from the Prime Minister’s Office. Both countries aim to finalise and sign the agreement by the fall of this year. A United States Trade Representative (USTR) report highlighted some key concerns the US had with its trading partners. Specific to India, those ranged from internet shutdowns to restrictions on agricultural imports and GM foods. On edge: Investors around the globe are undoubtedly anxious, and markets are likely to face increased volatility in the coming days. This follows the benchmark indices, such as the S&P 500 (down 8.3% from its all-time high), experiencing their worst quarter in nearly three years. The same goes for the Nasdaq, which is down 14% from its peak. In Tuesday’s trading session, Trump’s forthcoming tariffs impacted India’s BSE and Nifty indices, which closed 1.8% and 1.5% lower, respectively. On Wednesday, these indices opened higher, thanks to IT and banking stocks. US markets recovered after an initial slump due to weak manufacturing data, with tech stocks primarily driving the rebound on Tuesday.
✍️ From our newsroom
Home blues: There’s a running joke about the Indian Premier League (IPL) franchise Royal Challengers Bengaluru (RCB) and its relationship with the M Chinnaswamy Stadium: “RCB must be the only side without a home advantage,” it goes. Today, as you are probably reading this, the stadium at the heart of Bengaluru’s Central Business District will host the visiting Gujarat Titans. The statistics don’t favour RCB, who have a lowly 44.12% win percentage at home since 2017, which is the worst among their peers. Why is that? Well, as imposing as the Chinnaswamy looks from the outside, the playing area and boundaries are small. Pair that with a flat wicket and possible dew later on (it's baking hot here, btw), and things get a touch easier for the chasing side. This time around, RCB, as my colleague Venkata Krishna B notes, have assembled a squad to match their home conditions this time. With two wins in as many matches, RCB are flying high. But as the past tells us, how they play (and win) at home seals their fate. That starts today.
🔎 Need to know
Behind bars: According to the Ministry of External Affairs, over 10,150 Indian citizens are currently imprisoned in jails abroad across 86 countries. Among these, the highest number of Indians are presently incarcerated in Saudi Arabia and the United Arab Emirates, with both countries having more than 2,000 detainees each.
Storm ahead: The Lok Sabha witnessed a stormy session on Wednesday after the government tabled the Waqf (Amendment) Bill 2024 for consideration and subsequent passage. Even as the Opposition pushes for a vote on the Bill, the government is comfortably placed to get it passed. Tik-ing along: As the Saturday deadline for selling TikTok’s US unit approaches, US President Donald Trump is set to consider a “final proposal” on Wednesday. Among the considerations is the venture capital firm Andreessen Horowitz’s plans to add fresh capital into Oracle’s bid to buy out the app’s Chinese investors.
🎙️Expresso Playlist!
In today’s Playlist, I’ll recommend an episode from the BBC’s The Documentary podcast on the rise of headphones and wireless earbuds and how they have changed our relationship with audio content and our daily lives.
✋🏽One last thing
I’ll leave you with this super interesting read from Scope of Work on how Silica Gel, those little pouches you see in many packaged foods and other things, took over the world. There is a lot to nerd over.
That’s all from me today. Thank you so much for reading this edition. If you enjoy the Evening Expresso, tell your friends to subscribe to the newsletter. You can do so by signing up for the Morning Expresso. Also, you can contact me via email for tips, feedback, or just a hello! 😀 Until tomorrow, Venkat Ananth |
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