New Delhi, Feb. 4 -- After backchannel talks helped India stay out of the Trump administration's first list of tariffs, the government plans to initiate formal talks with the US to address disputes around trade, according to three people aware of the matter.

Indian policymakers believe that the country remains vulnerable to future tariff hikes, making formal negotiations with the US Trade Representative (USTR) office crucial to securing an exemption, the people said, speaking on the condition of anonymity.

India, which has a $35-billion trade surplus with the US, escaped tariffs in the first round even as Trump imposed a 25% duty on Mexico and Canada (10% on Canadian energy). While Canada slapped counter-tariffs, Mexico on Monday reache...