New Delhi, March 5 -- Trade tensions flared on Tuesday after the US slapped stiff import tariffs on China, Canada and Mexico, drawing rebuke and retaliation from its trade partners, and opening up potential opportunities for a variety of Indian businesses.

Hopes that the US would defer the tariffs at the last minute were dashed as the tariffs took effect at 12.01 Eastern Time, exposing imports from Canada and Mexico to a 25% levy. China will face an extra tariff of 10%, in addition to a 10% levy slapped last month-which itself was on top of China-specific tariffs from the days of the first Trump presidency.

While Canada hit back with matching levies at the "unjustified" US action, China responded with its own tariffs, moved the World Tr...