India's exports to US declined 37.5% from $8.8 billion to $5.5 billion, sharpest short-term fall in years, during May-September 2025, stated Global Trade Research Initiative (GTRI) report. Comparing export performance to assess tariff fallout, it found that duties began at 10% in April, rose to 25% and reached 50% by August. Tariff-free products dropped 47% to $1.8 billion in September.