Amid the ongoing tariff war between the US and China that had been rattling the global markets, US President Donald Trump on Wednesday (local time) announced an immediate increase in tariffs on China to 125 per cent. The move by the US President came following a retaliatory move by China, where it increased its tariff on US goods from 34 per cent to 84 per cent starting April 10.

In a simultaneous move, Trump announced that for 75 countries which have called Reprsentatives of the United States for trade talks, he has authorised a 90-day "pause" and a substantially lower reciprocal tariff. The countries having trade talks with the United States include India.