India, April 21 -- On April 2, 2025, the president of the United States, Donald Trump announced that a set of reciprocal tariffs would apply to all imports to the US at rates between a 10% base tariff to almost 50% for countries with large merchandise trade deficits with the country.

Pandemonium followed on global stock markets. Following requests for negotiations by over 75 countries, the US administration announced a pause on these reciprocal tariffs on all countries-barring China-for a period of 90 days.

During these three months, nearly all countries will be subject to the 10% base tariff as they use this time to negotiate bilateral trade agreements with the US. It is widely expected that the ultimate result of all these negotiation...