India Braces for $64bn Export Hit Amid Trump Tariffs and Russian Oil Penalty

India could lose its competitive edge in nearly $64 billion worth of exports to the US following a steep 25% tariff imposed by President Donald Trump, coupled with a possible 10% penalty for purchasing Russian oil, according to an internal government report. The move, India’s most serious trade rift with the US in years, threatens about 80% of its exports to the country—garments, pharmaceuticals, and petrochemicals included—amid fears of price disadvantage. While the RBI held growth projections steady at 6.5%, officials warned of potential GDP drag. India’s top security and foreign officials are engaging Moscow to balance defence ties and oil imports, while managing growing pressure from Washington.