Following the announcement of secondary tariffs by U.S. President Donald Trump, India faces a 50% tariff on several exports starting August 27. While the move was expected to create economic pressure, international rating agencies like Fitch and S&P have maintained a positive outlook on India’s economy. Fitch notes that although there will be a short-term impact on GDP, India is capable of managing and recovering from it. The U.S. clarified that the tariffs aim to apply pressure on India to reduce economic ties with Russia amid the ongoing Russia-Ukraine conflict. However, this explanation has not been fully accepted in India. Industries including textiles, pharmaceuticals, leather, footwear, and gems & jewelry are among the most affected. An investigation by ABP News highlights growing concern within these sectors, but also reveals that many businesses are taking proactive steps. For example, textile exporters in Ludhiana are expediting shipments and adjusting to the new trade conditions. Despite the external challenges, India is focusing on strengthening domestic capabilities and maintaining economic stability. The overall sentiment is one of adaptation rather than concession.
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