A 10% tariff on most Indian exports to the United States, imposed under Section 122 of the Trade Act of 1974 since February, expires on July 24. Additional duties include a 25% penalty linked to Russian oil purchases, 50% rates on steel and aluminum products, and a projected 100% tariff on generic drugs from 2028. The United States represented 37% of India's $26 billion pharmaceutical exports in 2025.