Tariffs are subject to change, upward or downward, depending on our country’s relationship with yours,' says Trump in the new letters that were sent to the respective countries last night.

India's benchmark shares are likely to open muted on Tuesday due to uncertainty over U.S. trade policies, as President Donald Trump announced steep import tariffs on several trading partners while signalling that a deal with India was close.

India is currently eyeing an extended deadline for reciprocal tariffs as the US imposed 25 percent tax on imported goods from Japan and South Korea, kicking in from August 1.