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The earlier tariff spike sharply squeezed margins, forcing exporters in clusters such as Vellore, Ranipet, Ambur and Chennai to absorb losses of 20-25% to retain buyers.

With annual exports of coloured gemstones and finished jewellery exceeding Rs 18,000 crore, Jaipur is one of the world’s most important gemstone hubs.

The government said agricultural items have been classified into four broad categories, with duties imposed, reduced, or eliminated depending on the sensitivity of each segment

Trump had initially set a tariff rate of 37 percent on Bangladesh goods, as he targeted dozens of other economies with sweeping duties too.