New Delhi, April 4 -- On expected lines, US President Donald Trump announced sweeping tariffs against over 180 countries on April 2, dealing a blow to market sentiment. Apart from country-specific tariffs, Trump also announced the imposition of a 10 per cent baseline tariff.

Trump announced a 26 per cent tariff on India- half the rate that India charges on US imports to it. However, according to global financial firm Deloitte, Indian exporters face the prospect of a significantly higher ad valorem duty of 27 per cent with effect from 9 April, and sectors such as textiles and apparel, pharmaceuticals and active pharmaceutical ingredients (APIs), Information technology and electronic components and agricultural products are likely to be si...