India's economy surged 7.4% in January to March, much faster than forecasts and driven by construction and manufacturing, although uncertainty about U.S. tariffs poses risks to the outlook. Gross domestic product in Asia's third-largest economy was above a forecast year-on-year growth of 6.

The ceasefire between India and Pakistan earlier this month was only achieved after US President Donald Trump offered the two countries trading access, Commerce Secretary Howard Lutnick said in a legal submission defending the White House’s tariff policy.