Indian market is likely to open in the red on Monday June 18, 2018 as trade war tensions between the US and China escalated over the weekend.

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Moreover, India too joined in and raised raise customs duties on 30 items from the US.

India, on Friday, submitted a revised list of 30 items — including motorcycles, certain iron and steel goods, boric acid and lentils — to the WTO on which she proposed to raise customs duty by up to 50 percent.

As duties hiked by the US on certain steel and aluminium products would have implications of about $241 million on India, the raise in tariffs proposed by New Delhi too would have an equal implication on America.Asian markets too slipped in trade fearing global trade war.

Asian shares were trading lower in early trade on Monday with Japan's Nikkei losing more than 150 points, Korea's Kospi losing nearly nine points, and the Hang Seng index losing more than 130 points.

On Wall Street, the indices also ended in the red on Friday with the major indices slipping in trade. Dow Jones lost 84 points, closing with a 34-basis point disadvantage while Nasdaq and S&P500 closed with more than 10-basis point loss.

The SGX Nifty is trading at levels around 10,782, indicating a weak opening for the Indian market.

First Published:Jun 18, 2018 7:26 AM IST