India’s exports to US seen dipping by 30 pc in FY26

 

India’s merchandise exports to the US are projected to contract 30% on year to $60.6 billion in the current financial year due to the additional 25% tariffs imposed by President Donald Trump, according to a report by Global Trade Research Initiative (GTRI). India now faces a 25% country-specific tariff and an extra, unspecified penalty on its exports to the United States—one of the highest among Asian exporters, second only to China at 30%. This puts Indian exports at a clear disadvantage across most sectors, barring a few exemptions. Garment exports will be the worst hit. Knitted and woven garments—each worth $2.7 billion—now face steep US tariffs of 38.9% and 35.3%, much higher than the rates for Vietnam, Bangladesh and Cambodia, as per a report.

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