Setbacks make us stronger: Finance Ministry as Trump's penalty tariffs come into effect
In its July 2025 Economic Review report, Finance Ministry said that though "immediate impact of [US' 50%] tariffs on Indian exports appears limited, their secondary and tertiary effects on the economy pose challenges". "Setbacks eventually make us stronger and more agile, if handled properly," it said. It predicted low global commodity prices, which it said would 'partly offset' tariff impact.