On expected lines, US President Donald Trump announced sweeping tariffs against over 180 countries on April 2, dealing a blow to market sentiment. Apart from country-specific tariffs, Trump also announced the imposition of a 10 per cent baseline tariff.
Trump announced a 26 per cent tariff on India, half the rate that India charges on US imports.
However, according to global financial firm Deloitte, Indian exporters face the prospect of a significantly higher ad valorem (according to value) duty of 27 per cent with effect from 9 April. Sectors such as textiles and apparel, pharmaceuticals and active pharmaceutical ingredients (APIs), Information technology and electronic components, and agricultural products are likely to be significantly affected.
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