As new U.S. tariffs, particularly on goods like steel, electric vehicles, and pharmaceuticals, continue to climb, exporters are increasingly exploring alternative markets. This shift comes ahead of a significant August 1 tariff deadline, with some firms already rerouting exports to more predictable, lower-tariff destinations, although not yet at a large scale. The United States recently struck a framework agreement with the European Union, imposing a 15% import tariff on most EU goods, including pharmaceuticals, automobiles, and semiconductors, effectively averting a broader transatlantic trade war. However, tariffs on metals from the EU remain unchanged. For example, India's $32 billion jewellery and gems industry, facing potential tariffs of up to 26% on goods entering the U.S., is actively targeting markets in the Middle East, such as Saudi Arabia, which is seen as a significant growth opportunity for Indian exports.