T he latest wave of US tariffs has hit Indian exporters where it hurts most. For garments, leather, gems and jewellery, a 50 per cent duty is not a marginal barrier; it is a virtual lockout from one of their most important markets. Orders are being cancelled, factories are scaling down, and competitors like Vietnam and Bangladesh have been quick to step into the breach. The consequences are visible in real terms—shrinking jobs, falling wages, and a current account deficit under fresh pressure.

In the immediate term, there are policy options. Expanding export credit lines, accelerating diversification to ASEAN and Africa, and extending relief to workers in distressed export clusters can soften the impact. Delhi must continue to engage with Washington for a trade deal, but only below-the-r

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