Gift Nifty trades at 24,712, down nearly 150 points, a discount of nearly 140 points from the Nifty futures’ previous close, indicating a muted start for the Indian stock market.

President Donald Trump’s so-called “Liberation Day” tariffs are scheduled to take effect Aug. 1, following the expiration of a 90-day pause. “No extensions. No more grace periods. August 1, the tariffs are set,” Commerce Secretary Howard Lutnick declared on Fox News Sunday on July 27.

President Donald Trump signed an executive order on Thursday imposing tariffs ranging from 10% to 41% on U.S. imports from dozens of countries and foreign locations.