New Delhi, Aug. 27 -- The Chamber of Trade and Industry (CTI) has written a letter to Prime Minister Narendra Modi stating that the 50 per cent tariff imposed by the US could devastate key Indian industries and threaten the livelihoods of lakhs of Indians.

"The 50 per cent US tariff will have a devastating impact on India's textiles, leather, gems and jewellery, auto components, chemicals, pharma, seafood, electronics and other sectors," CTI Chairman Brijesh Goyal said.

He explained that because of the increased tariffs, Indian goods will be up to 35 per cent costlier in the American market compared to competitors, prompting buyers to look elsewhere.

According to CTI, the hike could affect more than USD 48 billion worth of Indian expor...