Pakistan, Aug. 6 -- India expects a major hit to $64 billion worth of exports to the US due to President Trump's new tariffs and penalties. The tariffs include a 25% tax on Indian goods and a possible 10% penalty for buying Russian oil, according to an internal government report. These measures risk weakening India's price competitiveness against other countries with lower tariffs.

India's exports to the US make up about 80% of its total shipments to America, including garments, pharmaceuticals, gems, jewellery, and petrochemicals. Despite this, the impact on India's overall $4 trillion economy is expected to be modest, reducing growth by about 0.4%. The Reserve Bank of India has kept its growth forecast steady at 6.5% for the current fi...