India’s manufacturing sector faces a major setback after the US doubled tariffs on Indian exports to 50%, targeting goods worth $87 billion annually. The Farida Group, India’s largest shoemaker, froze a $114 million project as new orders halted.
India’s Farida Group Halts $114M Project Amid US Trade Shock
While electronics and pharmaceuticals are spared, other industries risk losing up to 80% of US-bound sales. President Trump cited India’s discounted oil purchases from Russia as the reason, making India the only major economy hit with such “secondary tariffs.”
Exporters warn of job losses and plant shutdowns if the situation persists. Trade talks are ongoing, but uncertainty threatens long-term investment and supply chains.
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