US President Donald Trump has said India will not be spared reciprocal tariffs, even as he hinted at 25% or higher such levy on some products for America's trade partners.
On Tuesday, Trump said he intends to impose automobile tariffs "in the neighbourhood of 25%" and similar duties on pharmaceuticals and semiconductor imports.
The Nifty Pharma index dropped 0.71% on Wednesday, while the broader market ended flat. Over 30% of India's pharmaceutical exports go to the US.
S&P Global on Wednesday said India will be less impacted by the proposed US reciprocal tariffs than others, as the country's economy is mainly driven by domestic demand, and has substantial services exports, which are not going to be targeted by the Trump administration.
It's not clear when these reciprocal tariffs will be imposed.
Source Name : Economic Times