Overall trade in goods between India and the U.S. last year amounted to about $129 billion, the Office of the U.S. Trade Representative, or OTR, found. Top imports from India include apparel, chemicals, machinery and agricultural products.

World shares retreated Friday after President Donald Trump issued a new set of import duties that will apply to dozens of countries as of Aug. 7. U.S. futures fell 0.9% after Trump announced tariff rates of up to 41% for imports from dozens of countries across the globe.

U.S. President Donald Trump slapped steep tariffs on exports from dozens of trading partners including Canada, Brazil, India and Taiwan, pressing ahead with his plans to reorder the global economy ahead of a Friday trade deal deadline.