"Do you think tariff risk over India is actually lower than in many other countries?" CNBC’s Martin Soong asked James Sullivan, Head of APAC Equity Research at J.P. Morgan, on Squawk Box Asia. ➡️ "I think we also have to be cognizant that the structure of trade between India and the U.S. is very different from China, because of the services component." ➡️ “One aspect we haven’t spent a lot of time talking about is that the U.S. administration is almost entirely focused on trade in goods—not trade in services—where the U.S. actually runs a surplus."