India US Trade Deal: From Exports To Jobs And More, Harsh Goenka Speaks Up About Donald Trump's 25% + Penalty Tariff

Industrialist Harsh Goenka has raised alarms over the possible economic repercussions for India following former U.S.

President Donald Trump's proposal to impose a 25% or higher tariff on imports if re-elected

Repercussions on India of Trump’s 25%+ tariff;
- Exports to U.S. hit (textiles, pharma, steel worst affected)
- MSMEs & jobs at risk
- Russian oil & arms deals under fire
- Strain on trade surplus with U.S.
- Pressure on rupee & current account
- Slower export-driven GDP growth

— Harsh Goenka (@hvgoenka) July 30, 2025

In a tweet that has since gone viral, RPG Group Chairman Harsh Goenka outlined the major areas that could be adversely affected by Trump’s tariff plan, warning of a potential setback for Indian exports and jobs.

“Repercussions on India of Trump’s 25%+ tariff:

Exports to U.S. hit (textiles, pharma, steel worst affected)

MSMEs & jobs at risk

Russian oil & arms deals under fire

Strain on trade surplus with U.S.

Pressure on rupee & current account

Slower export-driven GDP growth,” Goenka posted.

The tweet comes amid renewed discussions about U.S. trade policy under a potential second Trump presidency. The proposed tariff hike is seen as a threat to India’s export-oriented sectors, particularly small and medium enterprises (MSMEs) that rely heavily on U.S. demand.

India currently enjoys a trade surplus with the United States, which could come under pressure if tariffs are raised. Key sectors like pharmaceuticals, textiles, and steel—mainstays of Indian exports—stand to lose competitiveness in the U.S. market.

Experts also warn that such a move could lead to broader geopolitical friction, especially concerning India's import of Russian oil and defense equipment, which have already attracted scrutiny from the West.

Goenka’s statement adds to the growing chorus of voices urging India to diversify its trade partnerships and prepare for potential disruptions in global commerce, particularly as elections in the U.S. draw near.

As India aims to boost its manufacturing base and reach a $5 trillion economy target, any blow to exports could impact GDP growth and employment—key concerns for policymakers in the months ahead.