India, April 9 -- US President Donald Trump's 26% tariffs on imports from India came into full effect on Wednesday morning. Donald Trump announced the reciprocal tariffs on April 3 in the Rose Garden of the White House as part of his 'Liberation Day' announcement event.

The US president had declared that the US would tax nearly all of America's trading partners at a minimum of 10% and impose steeper rates for countries that he says ran trade surpluses with the US.

Besides India, Trump announced 46% tariffs on Vietnam, 32% on Taiwan, 25% on South Korea, 24% on Japan and 20% on the European Union. He also announced a tariff of 34% on China which would come on top of 20% levies he imposed on the country earlier this year. Later, he threate...