Trump is winning the tariff war hands down; markets remain unshaken

His tariffs are bringing in higher revenues, shielding American industry - and the markets remain unshaken

India is smarting from the tariff announced by United States President Donald Trump recently. It now faces a tariff of 25 per cent, plus an additional 25 per cent penalty for importing oil from Russia. Coming soon: Punitive tariffs on all pharmaceutical exports to the US, something that will bite Indian pharma companies. 

Nearly 70 countries have been hit by tariffs on top of the universal 10 per cent levy. The tariffs are not just about reducing America’s current account deficit. Mr Trump has weaponised them to make a political point — or even a personal one. 

After announcing the