In a move termed as trade tsunami, set to upend international trade dynamics, President Donald Trump has declared an aggressive plan to impose reciprocal tariffs on India and other nations he accuses of exploiting the United States with exorbitant duties.

India slashed tariffs on bourbon whiskey to 100 per cent from 150 per cent after Trump criticized 'unfair' levies in the South Asian market.

Trade specialists have expressed that discussions with Western trade allies may gain new energy due to the instability introduced into the global trade system by the US. In addition to close trade associates like Canada and Mexico, Trump has also issued tariff threats towards the EU.