Topic
tariffs
Trade India Finance Ministry Imposes Five-Year Anti-Dumping Duty on Low Ash Met Coke
India's Finance Ministry has imposed an anti-dumping duty on low ash met coke imports, effective for five years from the date of provisional duty imposition. The duty, payable in Indian currency, follows a Directorate General of Trade Remedies (DGTR) investigation that found dumped exports causing injury to the domestic industry. The measure is expected to raise costs for steel producers who rely on this high-purity carbon fuel.
Trade Shein swings to a quarterly loss after Donald Trump’s trade rules slow US sales
Fast-fashion e-commerce giant Shein reported a $99m net loss for Q1 2026, compared with a $395m profit a year earlier, citing the removal of the US de minimis import duty exemption on small packages. The company also flagged headwinds from US-China tariff uncertainty and the Iran war, and plans to raise prices in the US market. Shein received approval from the China Securities Regulatory Commission for a Hong Kong IPO on 10 July 2026.
Trade Tariffs on trial: Small businesses take Trump's latest trade levies back to court
Two groups of small businesses have filed lawsuits challenging the Trump administration's latest tariffs, which impose double-digit levies on imports from 60 trading partners covering 99% of US imports. The lawsuits argue the government failed to justify the measures under Section 301 of the Trade Act of 1974 and that the tariffs are effectively replacing those struck down by the Supreme Court in February.
Trade US Imposes 10% Tariff on India Under Forced Labour Probe; Oil Prices Surge
The US Trade Representative has announced a permanent 10% additional tariff on India and 16 other countries under Section 301 for allowing imports of goods produced with forced labour. The levy, lower than the proposed 12.5%, replaces a temporary duty and is unlikely to have a major impact. Separately, Indian crude basket surged 11% to $103.33 per barrel amid supply disruptions.
Trade New U.S. Tariffs Target Imports From China, Mexico, Canada and 57 Other Economies
The Trump administration replaced its temporary 10% global tariff with a new Section 301 tariff regime covering 60 economies that account for 99.4% of U.S. imports. The duties, ranging from 10% to 12.5%, took effect July 24, 2026, and are based on forced labor investigations. Hundreds of product exemptions and tariff-rate quotas for textiles were also announced.
Trade Trump Imposes Fresh Tariffs on 60 Economies Over Forced Labour; India Gets 10% Duty
US President Donald Trump imposed new Section 301 tariffs on imports from 60 economies over forced labour concerns, effective July 24, 2026. India is among 17 economies that will face a lower 10% tariff instead of the proposed 12.5% duty. The action follows USTR investigations launched on March 12, 2026.
Trade US Section 301 Tariffs Unlikely to Hit India's Exports, Textiles Need Close Watch, Says FIEO Chief
The US announced Section 301 tariffs of 10% and 12.5% on 60 economies on July 24, 2026, with India placed in the lower 10% category. FIEO chief Sahai stated the tariffs are unlikely to impact India's overall exports but noted that textiles need close watch as India was excluded from the textile TRQ exemption granted to some competitors. Products under Section 232 remain unaffected.
Trade Canadian PM Mark Carney Rules Out Retaliatory Tariffs Before August 19 Deadline
Canadian Prime Minister Mark Carney stated that Canada will not impose retaliatory tariffs before the August 19 deadline set by US President Donald Trump's proposed 50% tariffs. He described advance retaliation as 'counterproductive' and emphasized ongoing negotiations. The tariffs target a broad range of Canadian exports, with an estimated impact of C$28 billion annually.
Trade GTRI Questions US 10% Section 301 Tariff on Indian Exports, Says Measure Lacks Credible Evidence
Global Trade Research Initiative (GTRI) has questioned the US 10% Section 301 tariff on Indian exports, stating it lacks credible evidence of forced labour. India had amended its Foreign Trade Policy in June 2026 to prohibit forced labour imports, reducing the proposed tariff from 12.5%. Around 70% of India's exports to the US will now face MFN duty plus the 10% tariff, while 8% face existing Section 232 duties.
Trade US Imposes 10% Tariffs on India, Pakistan, Bangladesh, UK Over Forced Labour Investigation
The U.S. Trade Representative imposed 10% tariffs on India, Pakistan, Bangladesh, the UK, and other nations following a Section 301 investigation into forced labour practices. The move comes as India and the US progress on a bilateral trade agreement.
Trade US Imposes Fresh Tariffs of Up to 12.5% on 60 Economies Over Forced Labour; India Gets Lower 10% Rate
The Trump administration announced new tariffs of 10% and 12.5% on imports from 60 economies under Section 301 of the Trade Act of 1974, targeting countries with inadequate forced labour enforcement. India secured the lower 10% rate following recent policy changes. The tariffs take effect July 3, 2026, replacing temporary global duties.
Trade US Imposes New Tariffs on 60 Trading Partners Over Forced Labour Claims
The United States is imposing new tariffs on imports from approximately 60 trading partners over allegations of inadequate action against forced labour. Duties range from 10% to 12.5% and target key economies including the UK, EU, Canada, Japan, and India, effective Friday. Canada faces additional 50% duties on some goods. The move escalates the global trade war reignited by President Donald Trump.
Trade Trump's Generic Drug Tariffs Explained: What It Means for Indian Pharma Before the 200% Storm
US President Donald Trump unveiled a phased tariff plan for imported generic medicines: duty-free for two years from August 1, then 100% for one year, followed by 200%. For Indian drugmakers, the plan offers temporary relief but signals a long-term shift. India's pharma exports to the US account for 34% of total pharma exports, worth $30.47 billion in 2024-25. Leading companies with US manufacturing operations may have greater flexibility.
Trade USTR Hints at 'Action Soon' as 10% Tariff Expiry Looms, Canada Hit With 50% Duty
USTR Jamieson Greer said 'some action soon' is coming days before the current 10% additional tariff on all countries expires Friday. The Trump administration has imposed 50% tariffs on $20 billion of Canadian goods via Section 338 of the Tariff Act of 1930 and proposed Section 301 tariffs of up to 12.5% on 60 economies for forced labour issues.
Trade Trump's Phased Tariff Plan on Generic Drugs: 0% for Two Years, Then Up to 200%
President Donald Trump announced a phased tariff plan on imported generic medicines, with zero tariffs for two years from August 1, 2026, followed by 100% for one year and 200% thereafter. The move targets India, which exported $9.7 billion in pharmaceuticals to the US in 2025, accounting for 38% of its total pharma exports. Indian generics supply 47% of US prescriptions and saved the US healthcare system $219 billion in 2022.
Trade Trump Announces 0% Tariff on Generic Medicines for Two Years; 200% Thereafter
President Trump has announced a 0% tariff on generic medicines for two years, followed by a 200% tariff thereafter, according to Business-Today. The report, dated July 22, 2026, provides no further details on scope, effective date, or enforcement bodies.
Logistics Ocean Rates Weaken After Tariff-Driven Peak Season Amid Middle East Turmoil
Ocean freight rates on key Asia-US trade lanes declined after a tariff-driven peak season, with the Asia-West Coast route dropping 6% to $7,067/FEU. Geopolitical tensions in the Middle East, including Houthi threats to close the Red Sea, and port congestion from Typhoon Bavi add uncertainty to supply chains.
Supply Chain AI shifts from planning to execution as manufacturers confront tariff uncertainty
As tariffs and trade disruptions escalate, manufacturers are turning to AI-powered supply chain orchestration to evaluate sourcing decisions before disruptions ripple through their networks. Kinaxis' Maestro platform helps companies model multiple scenarios simultaneously, enabling faster and more informed decision-making.
Trade Trump Prepares New Tariff Wave as India Trade Deal Stalls, Threatening Market Access
President Donald Trump is set to impose new tariffs on up to 60 countries, including India, as a temporary 10% tariff expires Friday. A bilateral trade deal with India remains deadlocked over market access and tariff concessions, while Canada faces a 50% tariff unless it removes alleged barriers.
Trade Trump Imposes 50% Tariffs on Canadian Goods Retaliating for US Farmer Treatment
US President Donald Trump has imposed a 50% tariff on a wide range of Canadian imports, citing unequal treatment of US farmers, cars, dairy, and alcohol. The White House confirmed the duties will take effect in 30 days, marking a major escalation in trade tensions.
Trade Canada Vows to Protect Workers After Trump Imposes 50% Tariffs on Select Canadian Goods, Calling It a 'Direct Violation' of CUSMA
Prime Minister Mark Carney condemned President Trump's new 50% tariffs on select Canadian goods as a direct violation of CUSMA. The tariffs target motor vehicles, dairy, and alcoholic beverages, set to take effect in 30 days, with exemptions for energy, potash, fish, and critical minerals. Canada pledges to support workers and remains open to negotiations.
Trade Trump Imposes New 50% Tariffs on $20 Billion in Canadian Imports Using Section 338
President Trump on Monday announced new 50% tariffs on roughly $20 billion worth of Canadian imports using Section 338 of the Tariff Act of 1930. The duties, effective in 30 days, target Canadian goods after allegations of discrimination against U.S. autos, dairy, and alcohol. Exemptions include energy, critical minerals, and products already covered under Section 232.
Trade Trump Signs Executive Order Imposing 50% Tariff on Canadian Imports Effective August 19
US President Donald Trump signed an executive order imposing a 50% tariff on a wide range of Canadian imports, effective 19 August, in retaliation for what he called 'unequal treatment' of US cars, dairy and alcohol. The tariffs cover consumer items like wine and hockey sticks and industrial goods such as commercial cement, but exclude energy, potash, critical minerals and fish.
Trade IVPA Seeks Policy Review as Refined Edible Oil Imports from Nepal Breach 8 Lakh Tonnes
The Indian Vegetable Oil Producers’ Association (IVPA) has urged the government to review trade policy after duty-free refined edible oil imports from Nepal under SAFTA surged from 47,295 tonnes in 2023 to over 8.04 lakh tonnes in 2025 – a 17-fold increase. IVPA warns that the trend is shifting refining activity outside India, affecting domestic capacity utilisation, investment, and farmer welfare, and calls for stricter Rules of Origin verification under CAROTAR.
Trade Downstream aluminium industry urges duty cut on primary aluminium and scrap to restore competitiveness
Downstream aluminium manufacturers have urged the Centre to reduce customs duty on primary aluminium and aluminium scrap, stating the current duty structure is hurting MSME competitiveness. In a joint representation to the mines ministry, industry bodies cited an effective import duty of 8.25% on primary aluminium and 2.75% on scrap, which has compressed margins by up to 70% and pushed input costs up 20-35% in the last three months. The associations also flagged the EU's Carbon Border Adjustment Mechanism as a future threat.
Trade US anti-dumping and countervailing duties hit Indian paprika exports
The US Department of Commerce has imposed anti-dumping and countervailing duties on Indian oleoresin paprika imports, following a petition by a US manufacturer. Countervailing duties of 18.56%-25.41% apply from February 2026, while anti-dumping duties of 3.33%-4.66% are retrospective from June 2026. India exports $54.6M-$68M annually of the extract, used in food, cosmetics and spices.
Trade India-UK Trade Deal: Luxury Cars Get Cheaper, but Scotch Whisky Tariff Cuts Will Take Time
The India-UK Comprehensive Economic Partnership Agreement (CETA) entered into force on July 15, 2026, immediately lowering import duties on luxury cars from the UK. Tariffs on Scotch whisky and other premium spirits will be reduced gradually over ten years, with the standard 150% duty on such drinks falling to 75% by Year 10. Consumer benefits for spirits will depend on state-level taxes and company pricing decisions.
Trade India-UK CETA Cuts British Car Prices But Scotch Waits for State Excise Clearances
The India-UK Comprehensive Economic and Trade Agreement (CETA) took effect, prompting immediate price cuts of up to Rs 75 lakh on JLR models and nearly 38% on McLarens. However, Scotch whisky and gin tariff cuts are delayed by at least a month as companies file revised costs with state excise departments. ISWAI estimated a 12-13% price reduction for imported whisky if benefits are passed on.
Trade India-UK FTA Takes Effect: Scotch Whisky, Cars, Silver See Major Tariff Cuts
The India-UK Free Trade Agreement (FTA) took effect on July 15, 2026, marking a significant milestone in bilateral trade. Under the deal, 99% of India's tariff lines gain duty-free access to the UK, while India phases down duties on British goods including Scotch whisky, premium cars, silver, and medical devices over five to ten years. Key sectors such as dairy and cereals remain protected.
Trade India-UK Free Trade Deal Takes Effect: Textile and Scotch Whisky Tariffs Slashed
The India-UK free trade agreement came into effect on July 14, 2026, eliminating or reducing tariffs on 99% of Indian exports to the UK and 90% of UK imports into India. The deal is expected to boost textile exports from companies like Welspun Living and cut Scotch whisky duties from 150% to 75% immediately, with further reductions over 10 years.
Trade No Deal with US Without Tariff Advantage Framework, Says Piyush Goyal at UK-India Week 2026
India will not sign the proposed bilateral trade agreement with the United States until a framework guaranteeing a comparative tariff advantage for Indian exports is finalised, according to Union commerce minister Piyush Goyal. Speaking at UK-India Week 2026, Goyal stated that India and the US have reviewed progress on an interim trade pact covering market access, digital trade and supply chains. Both countries are working to conclude an agreement before the July 24 deadline for the expiry of Washington's temporary 10 per cent tariff regime.
Trade Five Times India and US Trade Talks Stalled but Eventually Found Common Ground
The June 24 trade talks in New Delhi between US Trade Representative Jamieson Greer and Commerce Minister Piyush Goyal ended without a breakthrough. However, history shows that India and the United States have repeatedly resolved sharp disagreements on intellectual property, food security, and tariffs through sustained diplomacy.
Trade 100% tariff will supersede trade deals: Trump threatens countries planning digital services tax on US firms
The Times of India published a report on June 26, 2026, with a headline stating that Donald Trump threatens to impose a 100% tariff on countries planning a digital services tax on US firms. The article text, however, describes the TOI Business Desk and provides financial calculators, lacking substantive details on the tariff threat.
Trade Trump Threatens 100% Tariff on European Digital Services Taxes on Truth Social
US President Donald Trump has threatened to impose a 100% import tariff on any European country that introduces a digital services tax on American technology giants. The warning, posted on Truth Social, targets nations planning new levies and would supersede existing bilateral trade agreements. The UK's existing 2% Digital Services Tax, which raised over £800 million in 2024-25, may be affected, though its precise implications remain unclear.
Commodities India Extends Duty Relief on Key Petrochemical Products Until July 15 Amid West Asia Tensions
The Indian government has extended duty relief on around 40 key petrochemical products including Anhydrous Ammonia, Methanol, and Styrene until July 15. The exemption, first introduced on April 2, aims to protect domestic industries from supply chain disruptions due to West Asia tensions. The extension comes as the government monitors global freight and supply chain impacts, with a customs revenue target of Rs 2.71 trillion for FY27.
Trade USMCA Renewal: Why the Expected Fight Over North American Trade Deal Never Kicked Off
This article explains why the anticipated political battle over the USMCA renewal did not materialize. The war with Iran absorbed the White House's focus, while the US administration believes its tariff strategy has already rebalanced North American trade relations. Formal talks with Mexico and Canada are proceeding without drama, and a 10-year countdown to expiry has begun.
Trade How Trump’s Tax Credit Reversal Helped China Tech Power America's Cheapest EV
Slate, a Michigan-based automaker, launched the cheapest electric truck in the US at under $25,000, powered by lithium iron phosphate (LFP) batteries—a technology dominated by China. The repeal of the EV tax credit by the GOP-led Congress, fulfilling a Trump campaign promise, removed restrictions on Chinese battery content, allowing Slate to adopt LFPs. BloombergNEF predicts US EV sales will fall 19% in 2026 due to the policy change.
Trade EU–US goods trade hits record €875 billion despite tariffs: Study
Trade in goods between the EU and US hit a record €875 billion last year, but a German Economic Institute study warns that front-loading ahead of tariff increases masked a 20.4% drop in EU auto exports to the US. Germany's automotive sector faced an 18.9% decline, while Ireland's exports surged 52.7% on tariff-exempt pharma products.
Indian officials to testify before US Trade Representative to counter tariff move
Indian officials from the commerce ministry and industry bodies including APEDA, FICCI, CII, and ACMA are scheduled to testify before the U.S. Trade Representative on July 8 to oppose a proposed 12.5% additional duty on Indian goods. India has submitted written arguments stating that the USTR's findings ignore India's robust domestic legal regime against forced labour. The Confederation of Indian Industry (CII) asserted that India's policy framework does not qualify as 'unreasonable' or 'discriminatory' under Section 301(b) of the Trade Act of 1974.
Trade India to Contest US Tariff Move, Calls Forced Labour Findings Legally Flawed
India is set to challenge proposed US tariffs on exports before the USTR next week, arguing that forced labour findings are legally flawed. The government and industry bodies have submitted responses asserting that India's domestic legal regime and compliance systems adequately prevent forced labour, and the additional 12.5% tariff under Section 301 would harm both Indian exporters and American businesses and consumers.
Trade US Forced Labour Hearings: Trump Tariff Threat Looms Over 60 Countries Including India
The United States Trade Representative (USTR) has proposed additional tariffs of 10% to 12.5% on goods from India and 59 other economies under a Section 301 investigation into forced labour. Three-day hearings starting July 7, 2026, will hear from affected countries including India, Mexico, Vietnam, and others. The move could complicate ongoing US-India trade talks.
Trade India Asks USTR to Reconsider 12.5% Tariffs on Forced Labour Grounds, Cites Lack of Evidence
The Indian government has formally asked the U.S. Trade Representative to withdraw its proposal for 12.5% additional tariffs on Indian products, arguing the move fails to meet legal standards and lacks country-specific analysis. Indian companies including Reliance Industries and Shahi Exports have also petitioned against the tariffs, warning of higher costs for U.S. consumers.
Trade US companies warn higher tariffs may undermine domestic manufacturing push
Top US companies including Intel, Dell, and Honeywell have warned the USTR that its proposed additional tariffs of up to 12.5% on 60 countries, including India, would increase costs for consumers and businesses and undermine the administration's goal of expanding domestic manufacturing. Several firms are seeking exemptions for specific products.
Trade USTR's Sec 301 Probe on Forced Labour: India Urges Reconsideration of Proposed 12.5% Tariffs
India has formally requested the U.S. Trade Representative to reconsider proposed 12.5% tariffs under a Section 301 forced labour investigation, arguing the USTR failed to conduct economy-specific analysis and provided insufficient evidence of unfair advantage. The proposed tariffs target 54 economies, including India and China, with a 10% rate for six economies and 12.5% for 48 others. Public hearings were held on July 7, 2026.
Manufacturing Volkswagen considers 4 German factory closures, 1 lakh job cuts amid China competition and US tariffs: Report
Volkswagen is considering closing four factories in Germany and increasing job cuts to up to 1,00,000, according to Reuters. The proposals, to be discussed on July 9, are part of a massive restructuring driven by competitive pressure from Chinese automakers and weak demand. More than 45,000 additional jobs could be affected, adding to 50,000 planned layoffs.
Logistics Trade uncertainty leads South Carolina Ports to temporarily shut down Hugh K. Leatherman Terminal
South Carolina Ports will temporarily shut down the Hugh K. Leatherman Terminal in North Charleston on Aug. 1, consolidating container activity at other Charleston terminals. The decision is driven by an uncertain trade outlook in the second half of 2026 and the need to lower costs, according to SC Ports. The terminal's expansion to full buildout remains underway, but near-term volumes are insufficient to justify continued operations.
Trade India, US Move Closer to Interim Trade Deal After Goyal-Greer Talks in New Delhi
US Trade Representative Jamieson Greer concluded a three-day visit to New Delhi on Wednesday, holding discussions with Commerce and Industry Minister Piyush Goyal. The two sides reviewed key elements of a proposed interim trade deal, noting substantial progress toward a comprehensive Bilateral Trade Agreement (BTA).
Trade India-US Trade Talks Accelerate as Deadline for Tariff Agreement Approaches
India and the United States have stepped up high-level trade talks as both sides work toward a reciprocal trade agreement. Commerce Minister Piyush Goyal met USTR Jamieson Greer and US Ambassador Sergio Gor, while Greer also held discussions with Finance Minister Nirmala Sitharaman and senior officials. The US embassy described the partnership as a "win-win for both," even as India seeks lower tariffs and better market access without committing to deadlines.
Trade India Seeks Tariff Edge Over Asian Rivals as US Trade Chief Arrives for Talks
India is negotiating a trade deal with the United States, seeking tariff advantages over Asian competitors. Commerce Minister Piyush Goyal said he hopes to finalise an agreement before a temporary US tariff expires on July 24.
Trade India-EU Free Trade Agreement to Be Signed by December, Effective Early 2027: Piyush Goyal
Commerce minister Piyush Goyal announced that the India-EU FTA will be signed by December 2026 and come into force between February and March 2027. The deal will provide duty-free access to 93% of Indian exports, while EU luxury cars and wines will become cheaper in India. US trade representative Jamieson Greer will also visit India for trade talks.
Trade Trump Says India, US 'Very Close' to Trade Deal After Modi Bilateral at G7
US President Donald Trump said India and the US are 'very close' to finalising a trade deal, after a bilateral meeting with Prime Minister Narendra Modi on the sidelines of the G7 summit. Trump praised Modi as a 'tough negotiator' and also offered US assistance if India is attacked. The comments come amid tensions over US strikes on ships with Indian sailors in the Strait of Hormuz.
Trade The Easy Era of Critical Mineral Trade Is Over as Governments Reshape Supply Chains
A UNCTAD report cited by Splash247 warns that the era of predictable critical mineral trade is over. Governments now treat minerals as strategic assets, China controls over 80% of rare earth refining, and countries like Indonesia ban raw ore exports to force domestic processing. These shifts create new logistics challenges for importers and exporters.
Trade India-UK Free Trade Agreement to Take Effect from July 15, 2026
The India-UK free trade agreement and social security deal will be operational from July 15, 2026, after talks between PM Modi and PM Starmer in Evian. The deal eliminates tariffs on 99% of Indian exports, resolves steel tariff issues via quotas, and includes duty cuts on Scotch whisky (150% to 40%), automobiles (100% to 10%), and cosmetics (22% to 0%).
Trade India Weighs Extending 40-Product Import Duty Exemption Beyond June 30 Amid West Asia Tensions
India is considering extending a temporary customs duty exemption on 40 critical petrochemical products beyond June 30, 2026, according to Economic Times. The exemption, effective April 2, aims to cushion supply chain disruptions from West Asia tensions and reduced Strait of Hormuz cargo flows.
Trade India to Allow Import of 3.78 Lakh UK Cars at Concessional Duty in First 15 Years of Trade Pact
Under the India-UK Comprehensive Economic and Trade Agreement (CETA), India will permit the import of 3.78 lakh (378,000) passenger cars from the UK at concessional duties over 15 years. Import duties on automotive products will drop from about 110% to 10%, with phased quotas. The pact takes effect on July 15.
Trade Flexport: New Tariff Wave Could Replace Expiring Trade Duties by Late July
According to FreightWaves, Flexport executives warned that a new round of tariffs, including proposed Section 301 forced-labor duties, could replace expiring Section 122 tariffs by July 24. The comments came during Flexport's 'Tariff Trends 2026' webinar, where customs director Marcus Eeman outlined potential tariff changes, USMCA challenges, and legal battles ahead.
Trade India-UK free trade deal to take effect on July 15 opening 99% of exports to tariff-free access
The India-UK Comprehensive Economic and Trade Agreement (CETA) will take effect on July 15, 2026, reducing tariffs on 99% of India's exports to zero. The deal includes a social security agreement and addresses steel safeguard measures. Over 75,000 Indian professionals and 900 companies are expected to benefit.
Trade India Exports Hit Record $863 Billion in FY26 Despite US Tariffs and West Asia Crisis
India's total exports reached an all-time high of $863 billion in the 2025-26 fiscal year, nearly doubling from about $441 billion a decade ago, despite disruptions from US tariffs and the West Asia conflict, according to a senior Commerce Ministry official. Engineering goods, petroleum products, electronics, pharmaceuticals, gems and jewellery, and chemicals were key drivers, with Gujarat contributing nearly $110 billion. The government continues to promote special economic zones (SEZs) including a new Tata Semiconductor unit in Dholera.
Trade China's Export Surge Sparks Europe Fears as G7 Weighs Response to 'China Shock 2.0'
China's booming exports are causing concern in Europe as G7 leaders discuss growing trade imbalances. The EU may consider stronger trade barriers against Chinese imports, particularly in electric vehicles and advanced machinery. Germany has been especially affected, with its economy contracting in 2023 and 2024.
Trade UK-India free trade deal to kick in on July 15, cutting tariffs by over $480 mn in year one
The UK-India free trade agreement will enter into force on July 15, 2026, as announced by the UK's Department for Business and Trade. India will cut tariffs on 90% of product lines for UK exports, reducing duties on UK exports by up to Rs 3,400 crore (over $480 million) in the first year. The deal is projected to boost UK GDP by £4.8 billion annually and increase bilateral trade by £25.5 billion.