New Delhi, Feb. 25 -- India occupies a relative middle ground following the latest tariff developments by the United States, but any uniform tariff hike under Section 122 could increase its tariff exposure and erode some of the advantages gained through earlier negotiations, according to a report by Union Bank of India.

The report noted that countries which had previously negotiated bilateral trade agreements with the US may face some short-term disadvantages, while those without comprehensive agreements could be relatively better positioned in the current environment.

"Meanwhile the countries that negotiated bilateral trade deals with the U.S. appear slightly disadvantaged in the short term, whereas countries which have not yet conclud...