New Delhi, April 12 -- The US has announced the suspension of additional tariffs on India for 90 days until July 9 this year, according to the White House executive orders. On April 2, US President Donald Trump slapped universal duties on about 60 countries exporting goods to America and additional steep levies on countries like India.

Tariffs are a key tool in global trade battles. Countries impose tariffs on imports to protect their local industries, but these measures can have ripple effects on economies worldwide. A tariff is a tax imposed by a country on imported goods. Higher tariffs make foreign products more expensive, potentially reducing their demand.

For example if the U.S. imposes a 25% tariff on Indian steel, Indian exporte...