After Historic Trade Deal, India Faces Lowest US Tariffs Among Emerging Markets After South Korea

Last Updated:February 02, 2026, 23:45 IST

Among emerging markets, Brazil and China are subject to the steepest US tariffs, at 50% and 47.5% respectively.

Earlier, India had been hit with a 50% tariff, which included a 25% penalty linked to the purchase of Russian oil. (File image)

India, which was facing some of the highest US tariffs, will now pay an 18% levy — the lowest among emerging markets after South Korea.

Earlier, India had been hit with a 50% tariff, which included a 25% penalty linked to the purchase of Russian oil. However, on Monday, US President Donald Trump and Prime Minister Narendra Modi spoke over a telephone call and agreed to what was described as a historic deal, expected to make Indian products more competitive and affordable in the American market.

Among emerging markets, Brazil and China are subject to the steepest US tariffs, at 50% and 47.5% respectively. South Africa faces a 30% levy, while Mexico is taxed at 25%. Thailand, the Philippines, Malaysia and Indonesia are each paying tariffs of 19%.

News business After Historic Trade Deal, India Faces Lowest US Tariffs Among Emerging Markets After South Korea

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