India among worst-hit as US puts it in top tariff bracket
What's particularly concerning for India is that most ASEAN and South Asian countries—key competitors in labour-intensive exports like textiles and leather—have been spared the steep hikes. Vietnam, Bangladesh, Malaysia, Indonesia, and Cambodia now fall in the 19–20% tariff range.
While China has been excluded from the latest tariff list (Annex I), an earlier executive order—Executive Order 14298 dated May 12, 2025—already mandates a 34% tariff on Chinese goods. The current executive order from President Donald Trump states:
"Nothing in this order shall be construed to alter or otherwise affect Executive Order 14298 of May 12, 2025 (Modifying Reciprocal Tariff Rates To Reflect Discussions With the People's Republic of China)."
This means that India still technically enjoys a lower tariff than China. However, the margin has narrowed—and given China's well-known strength in low-cost manufacturing, that slight rate difference could easily be offset by sheer scale and pricing efficiency.
What has baffled many trade experts is that Vietnam, with which the US had a trade deficit of $113 billion in 2024—the largest in Asia after China—has managed to stay within the 20% bracket. That said, the order clarifies that any trans-shipments through third countries like Vietnam will attract a 40% duty.
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