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US effective tariff rate on Indian goods rises to 20.7%, up from 2.4% in 2024; escalating trade tensions cast shadow on growth outlook: Fitch report

IndiaTimes Tuesday, 5 August 2025
Fitch Ratings reports a significant surge in the effective US tariff rate on Indian goods, escalating to 20.7% in 2025 from a mere 2.4% in 2024. This increase, coupled with potential penalties related to energy trade with Russia, has prompted economists to trim India's growth expectations.
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