As details of the announcement spread by text messages and tweets, executives started to realize that Trump’s tariff threats were becoming a harsh reality. Many executives and investors spent the hours after the Rose Garden ceremony trying to understand how far the contagion would spread.

US President Donald Trump announced a 26% “discounted reciprocal tariff” on Indian imports, citing India's high duties on US goods. He noted that India imposes a 56% tariff on American products, prompting the US to counter with a 26% levy.