President Donald Trump's administration is expected to announce new “reciprocal tariffs” on April 2 (early Thursday in India), though the White House provided no details about the size and scope of trade barriers 24 hours before the announcement that will hit all US trade partners.

US President Donald Trump said that he heard India is set to reduce tariffs significantly, aligning trade practices with US allies. India has offered tariff concessions on US agricultural imports and cut customs duties on several goods.

For weeks, the US President has referred to April 2 as 'Liberation Day,' promising significant new duties that could disrupt the global trade system.