US bank sees India as a ‘bright spot’ despite Trump tariffs – Bloomberg
India is a “bright spot” in a difficult global economy due to its strong domestic growth and minimal dependence on exports, JPMorgan Chase Asia-Pacific head Sjoerd Leenart has said.
In an interview with Bloomberg TV on Monday, Leenart said he is confident that India can get through the problems created by Washington’s 50% tariffs on most imports from the country.
“Sure, it has its share of issues – the tariffs, now the H1B visa issues. But overall it has a strong hand to play,” Leenart added.
Last month, Washington imposed a 25% tariff on most Indian imports over New Delhi’s Russian oil purchases, which came in addition to 25% tariffs introduced after India-US trade talks collapsed.
India’s economy grew at 7.8% in the quarter ending June 2025, and the government has cut consumption taxes on most household items in an effort to cushion the economy from the tariffs and spur spending on locally-made products ahead of its holiday season.
Indian and US negotiators resumed trade negotiations last week.
New Delhi and Washington aimed to conclude a limited trade agreement by the end of July, but negotiations stalled over US requests for increased access to India’s agricultural and dairy markets. These sectors are considered sensitive by New Delhi due to their economic and political implications. In August, Prime Minister Narendra Modi pledged to “stand like a wall” to safeguard the interests of India’s farmers.
Last week, US President Donald Trump signed an executive order to introduce a $100,000 application fee for H-1B visas, which are used by skilled foreign workers. Over 70% of them are issued to professionals from India.
The Trump administration has been pushing India to halt purchases of Russian oil, with some officials accusing New Delhi of fueling the Ukraine conflict. Russia is a key supplier to India, accounting for nearly 40% of its crude imports. India’s imports of Russian oil are likely to remain strong for November and December deliveries, Bloomberg cited people familiar with the procurement as saying last week.
