Good afternoon,

Today’s news: Globally, updates from Ukraine and Gaza, and the latest on tariffs. Locally, $4.1 billion in remittances, FinMin rules out tariff retaliation, and the Supreme Court hears petitions on judicial transfers to the IHC.

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Around The World

Updates from Ukraine. Russian missiles struck the Ukrainian city of Sumy yesterday, killing at least 34 people and injuring over 117. It was the deadliest attack of the conflict this year. Ukrainian President Zelenskyy called for a strong response from the world. The attack came two days after top Trump administration official Steve Witkoff met with Russian President Vladimir Putin to discuss ending the war.

Updates from Gaza. A wave of Israeli strikes across Gaza on Sunday hit the Al-Ahli hospital and other sites, killing at least 21 people, including children. The strike on Al-Ahli Hospital was the latest of several attacks on northern Gaza’s last major hospital providing critical health care. The Episcopal Diocese of Jerusalem, which runs al-Ahli Hospital, condemned the attack, saying it occurred on “Palm Sunday, the start of the Holy Week, the most sacred week of the Christian year.”

Trading barbs. US President Trump has said that smartphones, laptops, and other smart products are still subject to an existing 20 percent duty, and the items were just being moved to a different tariff bucket. Meanwhile, Chinese officials are calling on Trump to cancel his reciprocal tariffs completely. 

China's President Xi Jinping has kicked off a three-nation trip to Southeast Asia, calling for stronger ties on trade and supply chains amid disruptions caused by U.S. tariffs. Xi is so far declining to call his American counterpart to seek a deal, which leaves Trump repeatedly assuring Americans that his “great relationship” with the Chinese leader will head off a crisis. However, Trump is unable to initiate talks in a standoff that risks tanking stock markets again.

Pakistan

Money in the bank. Pakistan received a record $4.1 billion in remittances in March 2025, the first time monthly inflows have crossed the $4bn mark. The SBP has revised its full-year forecast to $38 billion (up from $36bn), citing a 37% year-on-year and 30% month-on-month increase. Governor Jameel Ahmad expects a strong current account surplus and raised the FX reserves target to $14bn by June, despite recent debt repayments. Economic growth is now projected at 3% for FY25, with inflation expected to rise after hitting a 60-year low in March.

Silver lining. Finance Minister Muhammad Aurangzeb said that Pakistan has no intention of retaliating against new US tariffs imposed under the Trump administration. The US has paused a 29% tariff hike for 90 days, but a 10% blanket duty remains. Aurangzeb called for dialogue, ruling out reciprocal tariffs, and emphasized Pakistan’s strategic ties with both the US and China. His comments come amid growing fears that Pakistan could suffer significant export losses, particularly in textiles. A study by PIDE has framed the tariff crisis as an opportunity for long-term reform, urging diplomatic engagement and export diversification into sectors like IT, halal food, and sports goods, targeting markets in the EU, China, ASEAN, Africa, and the Middle East.

Hot seats. The Supreme Court is hearing petitions against the transfer of judges to the Islamabad High Court (IHC) and changes to their seniority list. A five-member constitutional bench issued notices to the acting IHC chief justice and other transferred judges, addressing concerns raised by IHC judges, the Karachi Bar Association, and others. The dispute centers on the transfer of judges from the Lahore, Sindh, and Balochistan High Courts to the IHC and the subsequent changes to their seniority. Petitioners claim the transfers breach constitutional procedures and are seeking a ruling to prevent the transferred judges from being recognized as permanent IHC members. The case will be heard again on April 17.

What else is happening?

🧑‍🚀Blue Origin is taking a crew of six female passengers, including Katy Perry, to the edge of space today in a closely watched suborbital space tourism mission. The flight will last about 10 minutes, carrying the group more than 100 kilometers into the sky before they descend.

🤧Experts say that seasonal allergy sufferers are being hit with more pollen over a longer period due to rising temperatures, as global warming is triggering alarmingly extreme allergy events.

Today in History

On April 14, 1865, US President Abraham Lincoln was shot and mortally wounded by John Wilkes Booth at Ford’s Theatre in Washington.

In 1828, the first edition of Noah Webster’s American Dictionary of the English Language was published.

In 1912, the British liner, RMS Titanic, collided with an iceberg in the North Atlantic and began sinking. The ship went under two and a half hours later, killing over 1,500 people.