India’s central bank held its key interest rate as Donald Trump’s planned increase to tariffs on the country’s exports to the US threatens to send its economy into turmoil.

India, one of the largest suppliers of generic medicines to the U.S., is expected to be significantly impacted. According to the Times of India (TOI), India exports approximately USD 9 billion worth of generic drugs annually to the U.

US President Donald Trump on Tuesday said he would increase the tariff charged on imports from India from the current rate of 25% "very substantially" over the next 24 hours,