Swaminathan Aiyar warns that a potential slowdown in the US and China poses a greater threat to India than current tariffs. Despite a temporary tariff pause, uncertainty persists due to President Trump's unpredictable trade policies.

While the US has rolled back reciprocal tariffs on select consumer electronics, the relief does not extend to Chinese products, which continue to face a 20 per cent levy on key devices.

Anticipating new tariffs imposed by the US, Apple swiftly transported iPhones and other products from India to the US to maintain current pricing. Thi