US tariff heat: Fitch says Indian firms face limited direct hit; pharma sector seen at risk if duties widen

Fitch Ratings cautions that while Indian corporates have limited direct exposure to current US tariffs, sectors like pharmaceuticals could face risks if further measures are imposed. The US has levied a 25% tariff on Indian goods since August 7, 2025, with another 25% due on August 27, due to India’s Russian oil imports. US tariff