President Trump looks to have abandoned the idea of imposing a flat universal tariff of 10%-20% on all imports to the US, and now appears to be favouring new reciprocal tariffs that will be imposed on a country-by-country basis. We don’t yet know the formula that will be used to calculate reciprocal tariffs. But based on our calculations, India emerges as the country within Asia that would be hit hardest by a new tariff regime, followed by Pakistan, Thailand and Vietnam.
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