US tariffs hurting Indian exports; Russian oil giving big boost to balance of payments: Urjit Patel

Patel noted that Indian exports to the United States have been hit hard. “About 55 per cent of our exports to the US at the moment are facing punitive tariffs, and these are the sectors where the pain needs to be mitigated,” he said. According to him, while the US accounts for 13 per cent of world trade, “87 per cent of global trade is carrying on as before, so there is scope for trade deepening.”