<ul><li>US President Donald Trump announced reciprocal tariff of 27% on imports from India effective from April 9.</li><li>The impact of the import tariffs on India's growth estimates is expected to be negative, specifically through indirect channels like weaker corporate confidence and deferred capex cycle.</li><li>The implementation of the impending trade deal with the US by 2025 may help reduce the downside risk from higher tariffs.</li><li>Morgan Stanley expects the Reserve Bank of India to cut key lending rates, change the stance to accommodative, and have a deeper rate easing cycle to support domestic demand amidst the uncertain external demand environment.</li></ul>

US import tariff to have negative impact on India growth estimates: Morgan Stanley

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