Analysts have warned that the 50 percent duty the US has imposed on Indian goods is akin to a trade embargo.

The Indian government estimates the tariffs will impact $48.2 billion worth of exports.

Likened to a ‘trade embargo’ and an ‘earthquake’, it could cut exports from affected sectors by as much as 70%

India says it intends to ‘capture new markets’ to offset the sky-high tariff Trump imposed as punishment for buying Russian oil.

Analysts have warned that the 50 percent duty the US has imposed on Indian goods is akin to a trade embargo.