New Delhi: Fitch Ratings on Tuesday said India-based corporates have low direct exposure to US tariffs, but sectors that are currently unaffected, including pharmaceuticals, could be hit by further US tariff announcements. The US has imposed a 25 per cent ‘reciprocal’ tariff on India with effect from August 7, 2025, and an additional 25 per cent levy will be effective August 27, as a penalty for Russian oil imports. At 50 per cent, India is subject to maximum tariff among Asian economies on exports to the US. Fitch Ratings said the risk of second-order effects from existing tariffs is also rising. A US-India trade deal, if secured, would reduce these risks.

“Fitch Ratings believes India-based corporates generally have low direct exposure to US tariffs, but sectors that are currently unaffected, including pharmaceuticals, could be hit by further US tariff announcements,” it said in a statement. Russian crude accounts for about 30-40 per cent of crude imports for Indian oil marketing companies (OMCs), with its discounted price supporting their profitability, the rating agency said.