Goldman Sachs warns Trump’s 25% tariff plan may shave 30 bps off India’s GDP, citing key trade risks.

• India’s exports to the U.S. equal 4% of GDP; fresh tariffs could dent growth in 2025 and 2026.
• Goldman forecasts India’s growth at 6.5% in 2025, 6.4% in 2026, with downside risks looming.
• Tariff tensions linked to India’s rising Russian energy imports; U.S. crude share rose to 8% in April–May 2025.