Know The Now – Rhetoric And Reality

We’ll skip the rhetoric part – U.S. tariffs, U.S. India ties, global impacts of tariffs – we’ve heard them for months. Here’s the reality. Pharma and IT services are India’s largest exports to the U.S., and Pharma is thus far exempted out of the tariffs. Ditto services. Phones are another large component, also exempted. Even if Pharma is tariffed, it’s likely to pass the costs through. Our point, which we analyze in more detail, is the tariff hit to India isn’t as significant as it appears.