India is staring at a potential decline of $5.76 billion or 6.4% in exports on account of the reciprocal tariffs imposed by the US earlier this month, according to a study by Global Trade Research Initiative, a New Delhi-based think-tank. US President Donald Trump has imposed a reciprocal tariff of 26% on Indian exports. India exported merchandise exports worth $89.81 billion in 2024.While exports of seafood, electronics and machinery, gold Jewellery and cut and polished diamonds, automobiles and parts and steel and steel products will suffer major setbacks, sectors like textiles and pharmaceuticals will likely to gain due to competitive pricing and higher tariffs on competitors.
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