India’s share of exports to the US remained largely unchanged despite a year of President Donald Trump’s punitive tariffs and New Delhi’s efforts to diversify its trade with a raft of new deals with other countries.
An analysis of trade ministry data for the 12 months through July shows the US continues to account for about 20% of India’s exports. Over that period, Trump slapped tariffs as high as 50% on Indian goods at one point, before dropping it to 18% in February this year. The goods now carry a 10% tariff rate.
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The uncertainty in US-India trade relations prompted Prime Minister Narendra Modi’s government to expedite free trade negotiations with other major markets. In the past year, India has inked a trade deal with the UK, which took effect in July, as well as agreements with the European Union, Oman and New Zealand.
