Tariffs may strain some of India's corporate sectors despite healthy rated firms and low U.S. exposure. India's exports to the U.S. amount to only 2% of its GDP, a third of the average in Asia-Pacific. However, its growing trade surplus with the U.S., which amounted to a sizable US$50 billion in 2024, could subject the country to new tariffs, particularly as the U.S. mulls reciprocal levies on trading partners.