India faces the risk of reciprocal tariffs from the US. CareEdge's analysis, based on certain assumptions, suggests that India's direct export loss due to such tariffs could be limited to around 0.1% of GDP. However, the broader impact of a global trade war could be more significant through various indirect channels, including weaker exports, investment and consumption sentiment, and potential pressures on capital flows and currency.
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CareEdge Report
Tariffs are a key element of President Trump's economic agenda. Since taking office, President Trump has introduced several tariff actions, including a 20% additional tariff on all goods from China and a 25% tariff on goods from Mexico and Canada, with Canadian oil subject to a lower 10% rate.
However, tariffs on auto imports from Mexico and Canada were later postponed by a month, while tariffs on goods meeting United States-Mexico Canada Agreement requirements were delayed until April 02.
President Trump has also imposed sectors pecific tariffs, such as a 25% tariff on all steel and aluminium imports and a 25% tariff on auto imports. He has warned of targeting other industries too, including semiconductors and pharmaceuticals. He has also threatened to impose reciprocal tariffs on other economies, details of which will be revealed on April 02.
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