Bangladesh, Aug. 28 -- The Trump administrations imposition of steep new tariffs on Indian imports has triggered a wave of uncertainty across both economies. With levies of 50% now in force-comprised of a 25% tariff announced in late July and another 25% “penalty” in early August for Indias purchases of Russian oil and defense imports-the question is whether the true economic pain will be borne by India, or whether American consumers themselves will ultimately feel the sting.

The answer, increasingly, appears to be both.

The tariffs cover a wide spectrum of Indian goods, striking at some of the countrys most globally competitive sectors. Exports of textiles, apparel, gems and jewelry, seafood, leather, footwear, handicrafts,...