Trump tariffs rattle India’s markets, cloud growth outlook

India’s rupee plunged toward a record low and equity indexes declined on Thursday after U.S. President Donald Trump slapped steeper-than-expected tariffs on Indian goods, with analysts warning of sustained pressure on the country’s growth. The 25% tariffs announced could shave off the South Asian nation’s growth in 2025-26 by up to 40 basis points, with the threat of additional penalties further clouding the outlook, economists said.