According to Moody’s Ratings , the tariffs could shave 0.3 percentage points off India’s real GDP growth this fiscal year. Foreign investors have already pulled nearly US$3 billion from Indian equities since July, with benchmark indices falling sharply (Reserve Bank of India data, 2025).

Electronics (US$14.4 billion in exports to the US), pharmaceuticals (US$10.9 billion), and cut and polished diamonds (US$4.8 billion) are among the most exposed industries (India Ministry of Commerce, 2024). Industry groups warn that 200,000–300,000 jobs could be at risk in export-driven clusters.

The tariffs underscore Washington’s growing use of trade as a political weapon, a tactic analysts say reflects US domestic politics more than trade imbalances. “These measures are as much about signalling toughness at home as they are about India,” says Chris Devonshire-Ellis, Chairman of Dezan Shira & Associates, in a note to investors.

Despite the pressure, India retains buffers with the rupee having depreciated moderately, easing dollar costs, while the country’s services exports, worth US$205.2 billion in FY2024, remain resilient (RBI, 2025). But the episode has reinforced calls in New Delhi to diversify away from Western markets.

Analysts highlight three strategic imperatives, including deepening Asian integration through supply chain links with ASEAN and Gulf states, expanding non-dollar trade, building on the recent India–UAE rupee-dirham settlement, and accelerating competitiveness reforms, including logistics upgrades and digitisation of small firms.

With US$79.4 billion in goods exports to the US in 2024 ( UN Comtrade ), India’s dependence on the American market remains a vulnerability.

For New Delhi, the tariffs are less a temporary shock than a warning in a turbulent global order; resilience must be built at home and abroad.

“When we finish our factory, it’s 100 percent for export,” Dangote told CNN’s Eleni Giokos. “And Nigeria will not earn less than $500 million just from exporting cement.”

The surge in cement production follows Nigeria’s early 2000s backwards integration policy , initiated under former President Olusegun Obasanjo, which barred cement imports unless companies invested in local manufacturing.

Dangote credited this policy for sparking a wave of industrial growth, remarking, “We were small then, but our bankers supported us. Today, Nigeria produces over 60 million tonnes of cement annually, up from 31.9 million tonnes.”

Beyond cement, Dangote noted Nigeria is also exporting fertiliser and refined products, including jet fuel to the U.S. and Asia, and that 37% of its fertiliser output now goes to the U.S. The Dangote Group plans to list its fertiliser company on the Nigerian Exchange this year and the new refinery in 2026.

The relevance of Nigeria’s industrial gains extends beyond national borders. As Africa works to reduce reliance on imports and create jobs, Dangote urged policymakers to prioritise local production over import dependency.

“If we keep importing, we’re importing poverty and exporting jobs,” he said, invoking the need for an "Africa First" approach.

He also stressed that strong local industries attract foreign investment, saying, “Foreign investors don’t just show up. Support your local champions first, then others will come,” he said, criticising Africa’s over-reliance on external capital.

Dangote identified electricity deficits and policy inconsistency as key obstacles to Africa’s industrial future, while calling for bold leadership. “Two things don’t allow industries to thrive in Africa: lack of electricity and inconsistency in government policies ,” he warned.

His remarks come at a time when Africa’s trade finance gap is estimated at $120 billion, according to the African Export-Import Bank (Afreximbank) .

Dangote praised Afreximbank and other regional institutions as vital to scaling African enterprise, stating, “That’s how we build Africa.”