00:00It's certainly a bruising moment for Indian exporters.
00:06From today, many Indian-made goods landing in the United States will be slapped with
00:11an extra 25% tariff, which the US has actually called a sanction for India's purchasing
00:17of Russian oil.
00:19That takes total US duties on Indian products to as high as 50%, which analysts say is pretty
00:25much the equivalent of a trade embargo.
00:27The US is India's biggest export market, worth nearly $90 billion last year.
00:33So this is a major hit, especially for textiles, seafood and jewellery.
00:38They're already seeing orders cancelled, with American buyers shifting to more favourable
00:41markets like Bangladesh and Vietnam.
00:44Exporter groups are warning of heavy job losses if this continues.
00:48Now there are a couple of carve-outs.
00:52Pharmaceuticals and electronics, including iPhones assembled in India, will escape the tariffs
00:56for now.
00:57And economists say India's overall growth story won't be derailed.
01:02But in the short term, the pain is real.
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