With the US President Donald Trump announcing ‘reciprocal tariffs’ on imports, Goldman Sachs said that the potential impact of the same on India’s Gross Domestic Product (GDP) will vary between 0.1 to 0.6 percentage points. India’s gross exports to the US is one of the lowest among its EM peers at around 2.0 per cent of GDP. In an analysis report, Goldman Sachs said, “We estimate a potential domestic GDP growth impact of 0.1-0.3pp under different scenarios of increase in average US effective tariff rate on Indian exports (under country-level reciprocity and product-level reciprocity), and different estimates of price elasticity of US demand for Indian exports.”