New Delhi, April 9 -- On April 2, 2025 United States President Donald Trump announced 'reciprocal tariffs' on 57 countries, with rates ranging from 11 per cent to 49 per cent. These new tariffs are scheduled to take effect on April 9. For India, the rate stands at 26 per cent, meaning that exports to the US will now face this duty.

Several of India's South Asian and East Asian neighbours - key manufacturing hubs - have been hit with even higher tariffs: China (104 per cent), Vietnam (46 per cent), Sri Lanka and Myanmar (44 per cent) and Thailand (36 per cent).

Global markets crashed on April 7, 2025 following Trump's announcement and China's response of even higher retaliatory tariffs. Before the tariffs were due to take effect, Down T...