US President Donald Trump kicked off his tariffs policy by with China, Canada and Mexico and later announced 25 percent tariffs on steel and aluminum imports from all countries. He said on Monday that he would announce plans to impose reciprocal tariffs on other countries over the next two days. In view of Prime Minister Narendra Modi's upcoming visit to the US and possibility of a trade deal between the two countries, India has so far escaped Trump's tariffs. Yet they have already started hurting India.
The exodus of foreign institutional investors (FIIs) that gathered pace with Trump's victory seems to have quickened by his muscular trade policy, roiling the Indian stock markets.
Indian benchmark indices closed lower for the fifth straight session on Tuesday, with the Sensex tumbling over 1,000 points and the Nifty50 slipping below 23,100. The total market capitalization of BSE-listed companies shrank by Rs 9.3 lakh crore to Rs 408.52 lakh crore.
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