Marketplace Morning Report Summary
Episode Title: India Takes the U.S. to Task Over Tariffs
Release Date: June 5, 2025
Host: Liana Byrne (Marketplace Morning Report, BBC World Service)
India Challenges U.S. Tariffs at the World Trade Organization
In this episode, host Liana Byrne highlights a significant development in international trade as India formally challenges the United States' extensive tariffs on automobiles at the World Trade Organization (WTO). This action comes amidst ongoing trade negotiations between the two nations, with India seeking to secure a waiver or preferential tariff treatment for its auto components—a crucial sector contributing to last year's $2.8 billion in Indian auto exports to the U.S.
Archana Shukla, reporting from Mumbai, explains India's position:
“Auto components are a big segment of exports for the Indian component makers who supply to the US Companies...”
[01:29]
Shukla further elaborates that this is not India's first foray into WTO disputes, referencing a similar challenge related to aluminum and steel tariffs initiated the previous month. The move is seen as a strategic pressure point in the negotiation process, especially as both countries aim to finalize agreements before President Trump's 90-day pause on new tariffs concludes in July.
When questioned about the rationale behind involving the WTO during active negotiations, Shukla responds:
“Initially when the Trump tariffs came into picture, India had signalled that it won't take a tit for tat approach on tariffs. But since last month we've seen a hardening of stance...”
[02:19]
Despite the potential for prolonged dispute resolution within the WTO—exacerbated by a shortage of appellate board judges due to U.S. blockages—India remains committed to restoring the organization's dispute settlement mechanisms:
“We've written and we are asking all the bodies and all the member countries to contribute in trying to bring WTO back to its powers.”
[02:50]
European Market Movements and Corporate Shifts
Shifting focus to European financial markets, Byrne reports an uptick in stock indices as investors anticipate a possible interest rate cut from the European Central Bank (ECB). Significant corporate news includes:
- Wise, a fintech company, saw its shares soar by 10% following its announcement to relocate its stock listing from the UK to the U.S., signaling challenges for London's financial exchanges.
- Dr. Martens, the iconic shoemaker, experienced an 18% surge in its stock price after pledging to reduce U.S. discounting and projecting a return to profit growth.
Baltic Nations Intensify Efforts Against Russia's Shadow Fleet
The report delves into the Baltic states' intensified efforts to curb Russia's shadow fleet oil tankers, which are designed to circumvent Western sanctions and support Russia's ongoing conflict in Ukraine. Frank Gardner from the BBC outlines the geopolitical tensions:
“Government officials in Estonia say they are increasingly concerned at how to choke off this trade which is helping to fuel Russia's war in Ukraine.”
[04:15]
Following incidents where Russian military aircraft interfered with attempts to detain sanctioned tankers, Estonia, Lithuania, and Latvia are developing new protocols to effectively block and detain these vessels, despite the looming threat of increased Russian military escorts.
Cuban Students Protest Over Skyrocketing Internet Fees
In Cuba, Leonardo Russia reports escalating tensions among university students protesting against significant hikes in mobile internet fees. The state telecom company, Etexa, has implemented a more than tenfold increase in tariffs for data usage exceeding monthly limits, forcing students to purchase expensive top-up packages in U.S. dollars—costing half of the island nation's average monthly salary.
“The students union said the new prices would be too expensive for most Cubans.”
[05:07]
In response, the students union has called for a total boycott of classes, pressing the government to address the financial strain imposed by these new internet charges. President Miguel d'Escanel has indicated that he is exploring options to support the most vulnerable students affected by these changes.
Nintendo Switch Launch Amidst Tariff Challenges
The global release of the Nintendo Switch has generated significant consumer excitement, with long queues forming on London's Oxford Street as fans eagerly await the new console. Nintendo enthusiasts express their enthusiasm:
“It's such a big name behind it. Everyone loves Nintendo... Even your nan's going to say, yeah, go on, let's play Mario Kart.”
[06:05]
However, the launch has faced challenges due to U.S. tariff issues. Keza McDonald, author of the forthcoming book Super Nintendo, discusses the impact:
“The launch strategy for the Switch had to completely change because of American tariff situations... Games in general are costing more.”
[06:31]
Despite these hurdles, McDonald remains optimistic about supply chains, anticipating that ample console production will ensure availability in the coming months.
Deliveroo Trials Drone Delivery Service in Dublin
Concluding the report, Byrne covers Deliveroo's latest innovation in logistics. Following its $4 billion acquisition by DoorDash, Deliveroo is experimenting with drone delivery services in Dublin, Ireland. This trial represents a significant step forward in autonomous delivery technologies, aiming to enhance delivery efficiency and reduce operational costs.
This summary encapsulates the key discussions and insights from the episode, providing a comprehensive overview for those who haven't listened. Notable quotes are included with proper attribution and timestamps to highlight essential points.