New Delhi, April 3 -- The global economy has seen more turbulence in recent months than in decades, driven in part by US President Donald Trump's most potent trade weapon: tariffs. After months of speculation, Washington has finally announced its long-feared tariffs, which have barely spared any country.

The White House claimed India had an effective tariff rate of 52% on the US products and announced a 26% reciprocal tariff on Indian products. On the face of it, India will be impacted by the new policy as it exports over $80 billion worth of goods to the US. However, the overall impact on India's GDP is likely to be small, and the reciprocal tariffs may offer a competitive advantage to the country as many of India's emerging market peer...