About 55% of India's merchandise exports to the United States will be subject to the tariff imposed by President Donald Trump's administration, the Indian government said on Monday.

India's labor-intensive textile, jewelry, and auto parts industries are likely to be among the hardest hit by Trump's 50% tariffs.

Several economists have called Trump's tariff jolt India’s next ‘1991 moment' and suggested the government seize this opportunity to unleash the next round of far-reaching domestic economic reforms.