JPMorgan: US Tariffs on Indian Exports May Average 15-17%

• JPMorgan's Jahangir Aziz states US tariff changes may not significantly lower India’s trade burden, even after IEEPA tariff invalidation.
• Effective tariff burden for India could remain similar, with average tariffs potentially falling to 15-17% from 18-19% after exemptions.
• Indian exporters may benefit in the interim 150-day window as US importers accelerate purchases before the new tariff regime.
• Sectors like textiles, gems and jewellery, and smaller machinery exports could see increased demand during this phase.
• Future impact depends on evolving trade agreements and how the US replaces existing tariffs using Sections 301 and 232.