From 9:31 am on Friday, Indian exporters will receive a significant tariff relief in the US market as the 10% Section 122 import surcharge expires. However, if the US extends this levy or imposes another set of tariffs under Section 301 of the Trade Act overnight, then exporters will have to make different adjustments. From 9:31 am on Friday, around 92% of India’s $87.2 billion merchandise exports to the US will once again be subject only to the normal WTO-compatible US most-favoured-nation (MFN) tariffs, a report by Global Trade Research Initiative (GTRI) said.