India’s top officials said they will continue to cut import taxes as the government looks to work around US President Donald Trump’s plan to impose reciprocal tariffs on trading partners.Weeks after she unveiled sweeping cuts to duties on imports from textiles to motorcycles,

Shares of Indian pharmaceutical companies slid 2% on Wednesday after U.S. President Donald Trump said he intends to impose tariffs of about 25% or higher on pharma imports.

As two-way trade expands, India’s surplus is growing. President Trump is expected to press Prime Minister Narendra Modi to lower tariffs.

President Donald Trump’s shift in policy to reciprocal tariffs is a relief to markets, U.S. consumers and most trading partners.

TRUMP'S TREASURY SECRETARY SHUTS DOWN ANY TARIFF CONCERNS, PRAISES ‘FRICTIONLESS GLOBAL TRADE’ Trump has been busy pursuing other tariffs since taking office as well. He inked

"It will be 25% and higher, and it will go very substantially higher over a course of a year," Trump said on Tuesday.

U.S. President Donald Trump's threat to impose reciprocal tariffs from early April is feeding anxiety in India's export sectors from autos to agriculture, with Citi Research analysts estimating potential losses at about $7 billion a year.