Tariff threatens India’s manufacturing ambitions

If the 50% rate holds, Bloomberg Economics estimates US-bound exports from India could fall by 60% and put nearly 1% of gross domestic product at risk. — Bloomberg

NEW DELHI: India’s largest shoemaker Farida Group has already staked out the land – a 150-acre plot in southern Tamil Nadu – for a sprawling new export plant.

Then came a blow from Washington: President Donald Trump announced he was doubling tariffs on Indian exports to 50%.