India’s largest shoemaker Farida Group had already staked out the land — a 150-acre plot in southern Tamil Nadu — for a sprawling new export facility. Then came the blow from Washington: President Donald Trump announced he was doubling tariffs on Indian exports to 50%.
For Farida, which supplies brands like Cole Haan and Clarks and depends on the U.S. for about 60% of its business, the impact was immediate. New orders stopped. The 10 billion rupee ($114 million) project froze.
"With 25% tariffs, you can still work, you can give some discount, negotiate with the buyer and make some adjustments in your profits,” Rafeeque Ahmed, the company’s chairman, said in an interview. "At 50%, you don’t have anything.”
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