India’s lower house of parliament adjourned for a second consecutive day on Wednesday following an uproar by lawmakers demanding a debate on the U.S. indictment of billionaire Gautam Adani, while shares in companies belonging to the Adani Group recovered some earlier losses.

Last week, the United States charged Adani, his nephew and managing director Sagar Adani, and Adani Green’s managing director Vneet S. Jaain with participating in a scheme to pay $265 million in bribes and mislead U.S. investors to secure power contracts in India.

The port-to-electricity conglomerate dismissed the allegations as “baseless” and vowed to “pursue all possible legal remedies.”

India’s opposition, led by the Congress Party, has accused Prime Minister Narendra Modi and the Bharatiya Janata Party (BJP) of protecting Adani and obstructing investigations into the company within India.

As work in Parliament was disrupted for the second day since the winter session began this week, MPs shouted slogans and demanded a debate on the allegations against Adani.

In a scathing attack, Congress leader Rahul Gandhi said Gautam Adani should be arrested.

“The gentleman is facing charges in the United States… and the government is protecting him,” Gandhi told reporters outside Parliament.

The government has not commented on the charges. However, the ruling BJP has refrained from engaging in the debate.

A BJP spokesperson stated the party had no reason to defend Gautam Adani, adding, “We are not against industrialists but see them as partners in nation-building. Let him defend himself. If anything was done wrong, the law will take its course.”

On Wednesday, Adani Green, the company at the center of the indictment, clarified that Gautam Adani had been charged in the U.S. for alleged securities law violations and faces potential fines. However, he has not been charged under the U.S. Foreign Corrupt Practices Act.

In a filing to the stock exchange, Adani Green noted that the complaint filed by the U.S. Securities and Exchange Commission (SEC) “includes an order directing the defendants to pay civil monetary penalties (but) does not specify the amount of the penalty.”

The SEC’s civil action is being conducted alongside an indictment by U.S. federal prosecutors against Gautam Adani and others.

China has reportedly placed its defense minister under investigation for corruption, according to The Financial Times, which cites current and former U.S. officials familiar with the matter.

Admiral Dong Jun, who assumed office in December 2023 after his predecessor was dismissed for corruption, is being investigated as part of a broader anti-corruption probe into China’s People’s Liberation Army (PLA), U.S. officials said.

Dong is now the third consecutive defense minister to face an investigation for alleged corruption. He succeeded General Li Shangfu, who was removed from office after serving only seven months. Both Dong and Li were appointed by President Xi Jinping, whose administration has launched an ongoing crackdown on corruption within the military.

The Financial Times initially reported that U.S. officials believe Li is also under investigation for corruption. Li had replaced Wei Fenghe, who was similarly investigated for corruption after his retirement.

According to U.S. officials, Xi is intensifying investigations into the PLA, with Admiral Dong becoming the latest high-ranking target. The specific corruption allegations against Dong remain unclear.

The Chinese embassy in Washington declined to comment on the matter.

This development comes shortly after Dong attended an Asian defense meeting in Laos, where he refused to meet U.S. Defence Secretary Lloyd Austin. China’s defense ministry attributed the refusal to recent U.S. actions, specifically Washington’s approval of an arms package for Taiwan that included advanced surface-to-air missiles.

The U.S.-China military dispute comes on the heels of a meeting between U.S. President Joe Biden and Xi at the Asia-Pacific Economic Cooperation forum in Peru. Both leaders reiterated the importance of maintaining direct communication between their militaries.

Tensions over military communications date back to August 2022, when China severed military dialogue with the U.S. after then-House Speaker Nancy Pelosi visited Taiwan—the first such visit in 25 years. However, Xi later agreed to reopen communication channels during a summit with Biden in San Francisco, paving the way for a potential meeting between Dong and Austin.

The investigation into Dong signals Xi’s determination to broaden the anti-corruption campaign within the PLA. In addition to the dismissal of Dong’s two predecessors, Xi also sacked two senior officers from the PLA Rocket Force, which oversees China’s nuclear weapons programme.

China’s robust export sector is poised to hit a record high this year, driven by a surge in demand from American companies rushing to stockpile Chinese goods ahead of potential steep tariffs under U.S. President-elect Donald Trump.

Wu Zhiqiang, CEO of Shenzhen Lingke Technology—a leading manufacturer of lighting products with extensive factory networks across Thailand and China’s Pearl River Delta—told Nikkei Asia that many U.S. importers aim to “build a buffer against future uncertainties.”

According to Wu, Chinese manufacturers partnered with Lingke have reported larger-than-usual orders from major U.S. retailers since Trump’s election victory. “It’s clear that American buyers are aiming to maximise their profit margins before the new tariffs take effect,” Wu explained.

The increased demand for Chinese exports, ranging from battery components to syringes, pushed U.S. imports from China up approximately 6% year-on-year during the peak period of June to October, ahead of the holiday season. A report by Chicago-based supply chain firm Project44 suggests that many shippers advanced their orders to sidestep additional costs following the new tariffs imposed by the Biden administration in September.

The report also predicts this front-loading trend will persist, as additional tariffs are expected once Trump assumes office in January.

During his campaign, Trump vowed to implement tariffs of up to 60% on all Chinese goods. This week, Beijing announced retaliatory measures, including a 10% tariff on U.S. imports and a 25% levy on goods from Canada and Mexico, citing efforts to curb illegal drug trafficking via Mexico.

Last week, Trump appointed hedge fund manager Scott Bessent as Treasury Secretary. Bessent, a vocal advocate of protectionist trade policies, has criticized China’s exploitation of the open U.S. market.

Companies brace for fallout: Major corporations like Microsoft, HP, and Dell are racing to source electronic components before the tariffs take effect. The Port of Los Angeles reported handling over 900,000 twenty-foot equivalent units (TEUs) in October—up 25% year-on-year. Gene Seroka, the port’s executive director, attributed the cargo surge to shippers rushing to beat potential tariffs after Trump’s inauguration.

“We are seeing significant front-loading this year,” said Nick Marro, Chief Analyst for Global Trade at the Economist Intelligence Unit. “Businesses must adapt to a landscape of heightened geopolitical uncertainty.”

China’s exports rose unexpectedly by 12.7% year-on-year in October, the fastest growth in 27 months, buoyed by technology-related products like semiconductors and home appliances. Exports to the U.S. grew 8.1% in October, accelerating from a 2.2% increase in September.

Larry Hu, Chief China Economist at Macquarie Group, predicts that China will reach a record-high $3.54 trillion in export value in 2024, surpassing the previous record set in 2022. The trade surplus is also forecast to reach an unprecedented $1 trillion.

However, experts caution that the benefits of advance ordering may be short-lived. “We expect the front-loading effect to boost exports in the first half of 2025, followed by a slowdown in the latter half,” economists at Barclays noted in a client advisory. Barclays estimates that a 30% tariff hike by the U.S. in the second half of 2025 will limit China’s economic growth to 4% for the year.

Macquarie’s Hu warned that a 60% tariff increase could lead to an 8% decline in China’s exports over the next 12 months, exacerbating business uncertainty and deterring new investments.

In response to these challenges, Chinese Vice Commerce Minister Wang Shouwen announced plans to bolster foreign trade through new tax incentives and logistics policies to help exporters maintain orders and secure global market share. Wang also emphasized China’s willingness to engage in “active talks” with the U.S. to stabilize bilateral trade relations.