(Reuters) -Indian shares opened lower on Tuesday, tracking Asian peers after U.S. President Donald Trump said his proposed tariffs would go into effect as planned.
The Nifty 50 fell 0.64% to 21,979.85 by 9:15 a.m. IST, while the BSE Sensex lost 0.45% to 72,753.64.
All 13 major sectors logged losses at the open, while the broader small- and mid-caps fell about 1% each.
The MSCI Asia ex-Japan dropped about 0.6%, tracking an overnight decline in Wall Street equities. [MKTS/GLOB]
Trump’s proposed 25% tariffs on Canada, Mexico and a cumulative 20% tariff on China will go into effect from 10:31 a.m. IST on Tuesday. Trump also said reciprocal tariffs will start on April 2, escalating trade tensions and dragging financial markets.
Higher tariffs, besides their potential adverse impact on global growth, could spur inflation in the U.S., leading to higher interest rates for longer and hurting flows into emerging markets such as India.
(Reporting by Bharath Rajeswaran and Vivek Kumar M in Bengaluru; Editing by Varun H K and Mrigank Dhaniwala)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.