U.S. President Trump announces 25% surcharge on Indian imports, effective in 21 days, due to Russian oil buys. Duties on textiles, gems, and footwear nearly double, impacting $87 billion in annual shipments. India considers relief measures for exporters amid 30-35% disadvantage against competitors like Vietnam. Modi’s upcoming China visit may signal realignment to avert tariffs. Market reaction: rupee weakens, stock futures dip, and oil prices rise. Exporters urged to diversify markets as diplomacy crucial in next three weeks to prevent economic fallout.

Read more at Quiver Quantitative: India’s $87B Export Sector on the Brink