US tariffs hit India’s export engine: GTRI report shows 37.5% slump across key sectors; smartphones, pharma, gems among worst hit

India’s exports to the US plummeted 37.5% between May and September 2025 due to sweeping tariff hikes by the Trump administration. Shipments fell from $8.8 billion to $5.5 billion, with smartphones and pharmaceuticals being the biggest casualties. The report highlights a sharp deterioration in India’s competitiveness, risking market share loss to other nations.