India, April 3 -- Indian shares fell on Thursday after U.S. President Donald Trump announced a 10 percent universal tariff on most imported goods along with additional high tariffs on countries the U.S. considers "worst offenders" based on trade deficits and non-tariff barriers.
The move that marks one of the boldest protectionist pushes in recent history sparked concerns over inflation and growth.
That said, overall losses remained modest amid optimism that India will gain a competitive advantage in international trade and strengthen its manufacturing capabilities in the medium to long run.
A lower tariff of 26 percent has been levied on Indian products compared to China and Vietnam, which have been slapped with much higher tariffs of 3...