India, April 9 -- The impact of reciprocal tariffs slapped on India by President Donald Trump is yet to be known but the Indian government is engaged with the US administration to deal with the situation by concluding a bilateral trade agreement, external affairs minister S Jaishankar said on Wednesday.

Jaishankar made the remarks at a media conclave hours after a 26% customised reciprocal tariff on all Indian imports to the US kicked in. Indian shares declined because of the escalating trade tensions, as the Reserve Bank of India cut interest rates for the second consecutive time this year.

During a visit to Washington in February, Prime Minister Narendra Modi and Trump agreed to conclude the first tranche of a bilateral trade agreemen...