India's manufacturing industry is bearing the brunt of a fallout between the United States and China over threats of a trade and tariff war by the incoming Trump administration, and its retaliatory measures imposed by Beijing.

U.S. President Donald Trump is ordering federal agencies to "investigate and remedy" persistent U.S. trade deficits, and address other countries' unfair trade practices and currency manipulation, according to a draft White House trade memo seen by Reuters that stops short of ordering immediate new tariffs.