Donald Trump's trade advisers were finalizing plans on Wednesday for the reciprocal tariffs the U.S. president has vowed to impose on every country that charges duties on U.S. imports, ratcheting up fears of a widening global trade war.

President Donald Trump is taking additional action to upset the world trade system, with plans to sign an order as soon as Wednesday that would require that U.S. tariffs on imports match the tax rates charged by other countries.

As two-way trade expands, India’s surplus is growing. President Trump is expected to press Prime Minister Narendra Modi to lower tariffs.

In recent years, Delhi has shown a growing willingness to pursue trade deals. The Trump administration may prove to be a more willing interlocutor than the Biden administration, which imposed heavy environmental and labour-related conditions on new trade agreements.

President Trump is hiking tariffs on steel and aluminum, and pledging to impose more. The question is whether this leads to a widening conflict or not.