The analysis from Yale’s Budget Lab indicates that the structure of Trump’s tariff policy created an uneven distribution of economic consequences. Lower income households typically spend a greater percentage of their income on basic consumer goods—many of which were subject to these tariffs.

US President Donald Trump's decision to slap harsh tariffs on Indian exports and a "penalty" on purchases of Russian weapons and energy will cost thousands of jobs and could fundamentally change the nature of bilateral ties,

India and the US have held several rounds of negotiations for a trade deal over the past few months, with Delhi even reducing tariffs on goods like Bourbon whiskey and motorcycles to placate the US. But the US runs a $45bn (£33bn) trade deficit with India, which Trump is keen to reduce.