Disclaimer: This issue brief was written before the announcement of reciprocal tariffs by the new Trump administration on 2nd April, 2025, which imposed tariffs by a baseline of 10% for all countries exporting to the USA, and additional tariffs depending on their respective MFN tariff binds, with certain exempt commodities. For India, this amounts to a cumulative of 26-27% tariffs on imports into the USA. The brief is being published as it was received, since the arguments are still applicabl...
