Indian goods face additional U.S. tariffs of up to 50%, among the highest imposed by Washington, due to its increased purchases of Russian oil. A 25% tariff has already come into effect, while the remaining 25% is set to be enforced from August 27.

Indian companies have seen the steepest earnings downgrades in Asia, with analysts slashing forecasts as steep U.S. tariffs heighten risks to growth even if proposed domestic tax cuts help cushion the impact.

India’s largest shoemaker Farida Group had already staked out the land — a 150-acre plot in southern Tamil Nadu — for a sprawling new export facility. Then came the blow from Washington: President Donald Trump announced he was doubling tariffs on Indian exports to 50%.