India's exports to the US may decline 3-3.5%
India's exports to the US may drop by 3-3.5% if the US imposes new tariffs next month. This follows a fiscal year where India exported $77.52 billion to the US, resulting in a significant trade surplus. SBI Research suggests that India could mitigate this impact through increased manufacturing, service targets, and export diversification. The report highlights the need for India to enhance value addition and explore new markets. The US plans to introduce a 25% tariff on steel and aluminum imports, which could benefit India despite its current trade deficit in these sectors. The US remains a key trading partner for India, alongside China, Russia, and the UAE.