The recently announced U.S. tariffs on steel imports mean that countries like China, which export to the U.S., will need to find new markets — and that could lead to steel dumping in places like India.

India's benchmark indexes are set for a muted open on Tuesday, while other Asian markets slumped after U.S. President Donald Trump said his proposed tariffs would go into effect as planned.

India had already taken steps to address key U.S. concerns, announcing plans to increase its purchases of U.S. energy resources from $15 billion to $25 billion and considering reducing tariffs in sectors such as electronics,