New Delhi, Feb. 17 -- President Donald Trump plans to impose reciprocal tariffs on trading partners that impose duties on US goods. According to Trump, there is an imbalance in trade as the US has an open economy, while its trading partners block US exports through tariffs. Hence, "Reciprocal trade will finally correct that imbalance," a White House statement quoted Trump.

Trump specifically mentioned the traffic structure in India and said, "India has more tariffs than nearly any other country" confirming the possibility of levying reciprocal tariffs on Indian goods.

"And so we are being reciprocal with India. Whatever India charges, we charge them. So, frankly, it no longer matters to us that much, what they charge. I had discussions ...