We will learn next week whether or not India's concessions to President Trump work in staving off (or reducing) a US reciprocal tariff. But India will take cold comfort from the fact that Japan and the UK – both political allies of the US who have, like India, attempted to deal with tariff threats in a conciliatory manner – were not granted exemptions from the 25% auto tariff announced this week. And for India, two new tariff threats have emerged - including product-specific tariffs on pharmaceuticals and tariffs on countries that buy oil from Venezuela.
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