‘In a nightmare’: India braces for big layoffs as Trump’s tariffs bite | Business and Economy

New Delhi, India – In a sprawling market in the Indian capital, Anuj Gupta sits in a corner of his shop as silence hangs over it.

Gupta sources and exports garment accessories – like laces and buttons – to major global brands. But punishing tariffs imposed by United States President Donald Trump have brought Gupta’s business to its knees.

On Wednesday morning, India woke up to 50 percent tariffs imposed on its goods sold to the US, after the Trump administration followed through on…