Shares of Indian pharmaceutical companies slid 2% on Wednesday after U.S. President Donald Trump said he intends to impose tariffs of about 25% or higher on pharma imports.

India’s top officials said they will continue to cut import taxes as the government looks to work around US President Donald Trump’s plan to impose reciprocal tariffs on trading partners.

U.S. President Donald Trump's threat to impose reciprocal tariffs from early April is feeding anxiety in India's export sectors from autos to agriculture, with Citi Research analysts estimating potential losses at about $7 billion a year.

United States President Donald Trump has threatened to impose reciprocal tariffs from April and this is making India's export sector anxious and Citi Research analysts are estimating potential losses worth $7 billion per year.