India secured a higher investment grade rating from S&P Global Ratings, which said the economy’s growth prospects won’t be derailed by President Donald Trump administration’s 50% tariff shock to the country.

President Donald Trump on Wednesday announced sweeping and substantial tariffs on India, one of America’s most important trading partners. In addition to a 25% tariff that is set to go into effect Thursday,

But experts say India's refusal to reduce duties on agriculture and dairy products has been a major thorn in the negotiations. Trump's new 50% tariff rate on India is set to come into effect on 27 August, which some experts have said is akin to an embargo on trade between the two countries.