Mexico Wins Tariff Breather Canada Left in Limbo

Good morning, A fresh start to your day with the latest headlines:
Trump’s immigration crackdown threatens Ukrainian refugees, while Mexico gets a brief tariff reprieve—Canada’s still waiting. India’s Russian oil imports keep rising despite shrinking discounts, and Crogl is building an AI-powered "Iron Man suit" for cybersecurity.

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WORLD
Trump’s Immigration Crackdown Targets Ukrainian Refugees

The Trump administration plans to revoke legal status for 240,000 Ukrainians who fled the war, part of a broader effort to end Biden-era humanitarian parole programs affecting over 1.8 million migrants.

While the White House denies a final decision, sources say revocations could begin as early as April, with 530,000 Cubans, Haitians, Nicaraguans, and Venezuelans also at risk of fast-track deportation.

For many, this shift brings deep uncertainty. Ukrainian refugee Liana Avetisian and her family in Iowa face possible deportation despite legal efforts. Meanwhile, Afghan allies of the U.S. military—like former intelligence officer Rafi—are already detained, feeling betrayed by the country they served.

As mass deportations loom, thousands now find themselves in legal limbo.

ECONOMY
Mexico Gets Temporary Tariff Relief, Canada Left Waiting

The U.S. has granted Mexico a one-month exemption from the 25% tariffs imposed by Donald Trump, but Canada remains in limbo. The decision followed a call between Trump and Mexican President Claudia Sheinbaum, during which Trump confirmed that USMCA-covered goods would be tariff-free until April 2.

The exemption is tied to U.S. demands for Mexico to combat fentanyl trafficking, a key issue in trade talks. Meanwhile, Canada has yet to receive a similar reprieve, despite U.S. Commerce Secretary Howard Lutnick hinting at one. Prime Minister Justin Trudeau called it a "promising" sign but stressed that tariffs remain.

Markets reacted negatively, with the S&P 500 dropping 1.8%, while the Mexican peso firmed and the Canadian dollar weakened. The U.S. plans to impose reciprocal tariffs on April 2, leaving trade partners scrambling for solutions.

ENERGY
India’s Russian Oil Imports Surge Amid War, But Discounts Shrink

India has spent Rs 1.5 lakh crore on Russian crude oil since the Ukraine war, capitalizing on deep discounts caused by Western sanctions. According to the Centre for Research on Energy and Clean Air (CREA), India purchased €112.5 billion worth of Russian crude, making it the second-largest buyer after China.

Before the war, Russian oil made up less than 1% of India's imports—now it accounts for 40%. Some Indian refineries re-exported Russian oil-derived fuels like petrol and diesel to Europe and G7 nations. However, recent U.S. sanctions have led to a drop in imports, as India avoids oil transported via sanctioned ships or insurers.

Despite the fluctuations, Russia remains India's top oil supplier, with 1.48 million barrels per day imported in February. Initially, discounts reached $18–20 per barrel, but they’ve now shrunk to less than $3. India's reliance on Russian oil highlights both its energy security priorities and global trade complexities amid geopolitical tensions.

AI & TECHNOLOGY
Crogl Raises $30M to Build AI Iron Man Suit

Crogl, a New Mexico-based startup, has unveiled its AI-driven cybersecurity assistant, designed to help analysts tackle the overwhelming number of daily security alerts. Dubbed an "Iron Man suit" for researchers, the platform uses a “knowledge engine” to flag threats and learn and analyze trends through natural language queries.

The company has raised $30 million, including a $25M Series A led by Menlo Ventures and $5M seed funding from Tola Capital. Co-founded by Monzy Merza, a former Splunk and Databricks executive, Crogl aims to revolutionize the industry by turning each alert into a learning opportunity, instead of reducing them.

The product is already in use by large enterprises, and investors, impressed by the founding team’s expertise, believe Crogl could eventually expand to automating threat remediation.