U.S. tariffs could push allies to forge closer relationships with other countries like China and India, according to former U.S. diplomat Wendy Cutler.

The US relies heavily on Indian generic medicines, with nearly half of all generic drugs consumed in the US originating from India. This has resulted in significant savings for the US healthcare system.

India needs to buy more defence products and lower its tariffs on U.S. products for the two countries to be able to sign a "grand" bilateral deal, U.S. Commerce Secretary Howard Lutnick told India Today television on Friday.

Apple has boosted India's manufacturing sector after the tech giant shifted some assembly there. But Trump's tariffs might increase the price of Indian exports.

Stephen Schwarzman, Blackstones CEO, believes the new US tariff regime could boost growth by attracting foreign investments and revitalizing US manufacturing. He anticipates significant economic expansion driven by increased manufacturing activity.