Jefferies strategist Chris Wood slammed Donald Trump’s 50% tariffs on Indian goods — including a penalty for Russian oil buys — as “draconian,” warning of a $55–60 billion hit to India’s economy. Labour-intensive sectors like textiles, footwear, jewellery, and gems face the brunt. Wood said Trump’s move reflects “personal pique” over India blocking U.S. mediation in Pakistan tensions.
