Indian benchmark indices were set to open at least 1 per cent lower, as US President Donald Trump took steps toward imposing tariffs on $50 billion in Chinese goods and limiting China's ability to invest in the U.S. technology industry.
China on the hand also announced plans for reciprocal tariffs on $3 billion of imports from the U.S., including products from steel to pork, Bloomberg reported. Markets across the globe worried that this could lead to tariff wars across the globe.
Asian markets saw deep cuts in trade with the Japanese Nikkei down a staggering 2 per cent, while the Hang Sang and the Kospi were also down 1.5 per cent to 2 per cent.
The SGX Nifty was down 115 points, suggesting that the Nifty could dip below the 10,000 points mark in trade.