Donald Trump's tariff heat on India; Leather industry hit by tariffs

US President Donald Trump’s additional 25% tariffs on Indian goods took effect Wednesday, doubling total duties to 50% after India refused to halt Russian oil imports. The hike, effective from 9:30 a.m., is expected to hit exporters across sectors and could weigh on growth prospects, analysts warned.

India’s leather industry is reeling after the US imposed a steep 50% tariff on key exports, sparking fears that nearly 90% of trade could grind to a halt. The Council for Leather Exports said global buyers are already pressing for 20–25% price cuts, compounding the crisis. To offset losses, delegations are scouting new markets in Russia and Africa, though industry leaders admit recovery will take time.