Trump tariff could aid India electronics exports, says Nomura – Here’s what can work in our favour

With the Donald Trump-led US government pushing for reciprocal tariffs on Indian goods, citing unfair trade practices, an analysis report by Nomura stated that it could aid India’s electronics exports. India has been gradually bringing down import duties across segments over the past few years. In the Union Budget 2025-26, India rationalised import duties on several critical mobile phone components and parts used in manufacturing television panels. Nomura maintained that if India, in response to Trump’s tariff threat, decides to lower import duties to even zero, there will be limited scope of smartphone assembly shifting to the US.