India's exports to US saw sharp reversal under impact of heavy tariff hikes, stated a Global Trade Research Initiative (GTRI) report. Between May and October 2025, shipments fell 28.5% plunging from $8.83 billion to $6.31 billion. In October, exports plummeted 25.8% as tariff-exempt items like phones, pharmaceuticals and petroleum products accounted for 40.3% of exports.