India’s pharmaceuticals and medical devices industries are still hopeful that trade negotiations with the US could cut a fairer deal for both sides, after President Donald Trump announced a 25 per cent tariff rate on India on a social networking platform without divulging the finer details.

Trump on Wednesday called India’s tariffs on US exports among the highest in the world, with the most strenuous non-monetary trade barriers of any country, in a post on Truth Social. He also warned of an unspecified penalty on India over the 25 per cent tariff for buying Russian military equipment and energy.

Business Standard