"All bets are off now," one analyst said of the U.S.-India relationship. India will "never play deputy to any sheriff," said another.

"All bets are off now," one analyst said of the U.S.-India relationship. India will "never play deputy to any sheriff," said another.

Analysts warn that the higher U.S. tariffs risk substantially diminishing the allure of Indian exports to the U.S., compared to regional peers.