Business news · Global · 24 Jul 2026
IN Textiles Consumer Durables Automobile and Auto Components Capital Goods
The US imposed a 10% tariff on imports from India and 16 other countries under Section 301 of the Trade Act of 1974, in a forced-labour action covering 60 economies; the other 43 face 12.5%. India got the lower rate after amending its trade policy on July 14 to bar imports made with forced labour. The tariff took effect from Friday as a temporary 10% global levy, imposed after the US Supreme Court struck down the reciprocal tariffs in February, expired. Raw materials and goods not made in sufficient quantity in the US are exempt. Indian exports to the US were $87.3 billion in 2025.
The rate keeps India's tariff at roughly the 10% it paid under the temporary levy and below the 12.5% charged to 43 other economies, so the immediate cost change for exporters is limited. Labour-intensive exporters to the US, including apparel and home textiles, gems and jewellery, seafood, auto components and engineering goods, remain the most exposed, and the gap with higher-tariff competitors helps them. The bigger swing factor is the pending bilateral trade deal, where India has insisted these issues can be discussed.
Reported by Business Standard — “Trump imposes 10% tariff on Indian goods over forced labour concerns” ↗ on 24 Jul 2026.
NSE stocks, from the last close on or before 24 Jul 2026 to the close on 16 Oct 2026.
| Sector | Stocks | Median move | Up | vs all stocks |
|---|---|---|---|---|
| Textiles | 13 | -11.3% | 3 of 13 | -6.3 pts |
| Consumer Durables | 46 | -7.6% | 11 of 46 | -2.5 pts |
| Automobile and Auto Components | 52 | -1.3% | 24 of 52 | +3.7 pts |
| Capital Goods | 126 | -1.2% | 57 of 126 | +3.9 pts |
| All tracked stocks | 804 | -5.1% | 281 of 804 | — |
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