By Ashwin Manikandan and Ira Dugal
MUMBAI (Reuters) -Tens of thousands of Indian small businesses are scrambling to find new buyers in markets across Europe, Africa and Asia to dull the impact of a 50% tariff on exports to the U.S. that took effect on Wednesday.
Firms also front-loaded shipments earlier in August ahead of the August 27 deadline, sending out existing orders before tariffs were doubled from the 25% import tax imposed by U.S. President Donald Trump in July.
Over 50,000 exporters among India’s nearly 60 million small enterprises, spanning sectors including textiles, jewelry and chemicals, face the tariff spike but the government has yet to announce any financial or credit support for those affected.
It has instead urged exporters to find alternative markets.
A survey of e