A 50% tariff on a broad range of Indian goods entered into force on 27 August, doubling the levy first announced by U.S. President Donald Trump earlier this year. The White House said the extra 25-percentage-point surcharge was imposed in response to New Delhi’s purchases of Russian oil, lifting total duties on Indian products from 25% to 50%. India’s Commerce Ministry estimates the higher duties put some $48.2 billion of annual exports at risk, roughly two-thirds of the country’s shipments to its largest overseas market. Labour-intensive industries—from textiles, gems and jewellery and leather goods to auto parts, shrimp and carpets—are expected to bear the brunt, while pharmaceuticals and electronics remain exempt for now. The financial fallout was immediate. On 28 August, the Nifty 50 slipped 0.63% to 24,557.1 and the BSE Sensex lost 0.65% to 80,253.93 after a holiday-shortened week, with all 16 sectoral indices in the red. Foreign investors have withdrawn about $2.66 billion from Indian equities so far in August, the largest monthly outflow since February, citing tariff uncertainty and stretched valuations. New Delhi has begun drafting relief measures, including easier credit for exporters and possible cuts to goods-and-services tax on consumer staples, while intensifying efforts to diversify trade toward Latin America, Africa and Southeast Asia. A scheduled sixth round of U.S.–India trade talks was cancelled, and officials said discussions will resume only after the impact of the tariffs becomes clearer.