India’s exports to the US plunged 37.5% between May and September 2025 as sweeping tariff hikes by the Trump administration squeezed margins across major sectors, according to a report by India-based trade think tank Global Trade Research Initiative (GTRI), ANI reported. The US, India’s largest export market, saw shipments fall from $8.8 billion to $5.5 billion over the five-month period, marking one of the steepest short-term declines in recent years, GTRI said in its analysis. The study assessed India’s export performance from May to September 2025 to gauge the fallout from US tariffs imposed starting April 2. According to GTRI, the duties began at 10%, rose to 25% by August 7, and hit 50% by late August for Indian products. Tariff-free goods—making up nearly one-third of Indi

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