Economists at global banks from Morgan Stanley to Nomura Holdings Inc. have identified India and Thailand as among the nations most exposed to risks from President Donald Trump’s vow to impose reciprocal tariffs on trading partners.

President Trump has issued new threats of a 25% tariff on steel and aluminium imports, targeting countries like India. India's recent reductions in du

Anticipating US action on tariffs, India seems to have made the first move by revamping its tariff structure by reducing the slabs to eight rates, points out Mukesh Butani.

With India’s steel industry already facing global competition, higher US tariffs could lead to a slowdown in exports as well as increased production costs, according to the Financial Times.

Economists at Morgan Stanley and Nomura Holdings have pinpointed India and Thailand as the nations most vulnerable to President Trump's proposed reciprocal tariffs, given the significantly higher tariffs they impose on US imports.

The two Asian countries stand out because the tariffs they impose on the US are, on average, far above the rate charged on them by the US, according to a range of estimates from analysts who considered scenarios of like-for-like levies.

Amid Donald Trump's repeated statements threatening tariffs on imported goods into the US, the Indian Prime Minister's visit to the US may seek to address this issue. The Indian side may attempt to resolve tensions by expanding imports from the US.

Prime Minister Narendra Modi will be holding his first bilateral meeting with United States President Donald Trump on February 13 even as both sides are expected to talk tough on trade while Washington will be keen to take up the matter concerning the renewal of Defence Cooperation Framework for the next 10 years,