India's merchandise trade deficit hit an eight-month high of over $27 billion in July as imports surged faster than exports ahead of U.S. President Donald Trump's announcements of new tariffs on trading partners,

India's exports to the US surged nearly 20% in July, reaching $8.01 billion, while imports rose almost 14% to $4.55 billion. During April-July 2025-26, exports to the US jumped over 21% to $33.53 billion.