India will be among worst-hit due to US tariff: Global agencies

INDIA will be among the worst-hit countries due to the tariffs announced by US president Donald Trump on Wednesday as nearly 18% of its total exports are to the US, said the International Monetary Fund (IMF) in a statement on Thursday.

- BEN KOCHUVEEDAN @ Mumbai

Indian economy will take a $30 billion hit because of the fall in exports, it added. "The higher tariffs would amount to about 0.7% of India's projected $4.3 trillion GDP by the end of 2025," the global fund said.

IMF managing director Kristalina Georgieva said the move is a direct threat to global economic stability. She said Trump's wide-ranging tariffs have created great uncertainty and denting confidence, but it was not likely to trigger a near-term recession.

On Monday, Georgieva had said the IMF would likely lower the economic outlook slightly, adding "we don't see recession on the horizon."

Meanwhile, in a statement issued in Manila, the Asian Development Bank said the US' new tariff regime risks slowing both US and global growth, shrinking export markets and potentially prompting a Federal Reserve response.