(Reuters) -Indian shares opened lower on Tuesday, tracking Asian peers after U.S. President Donald Trump said his proposed tariffs would go into effect as planned. The Nifty 50 fell 0.64% to 21,979.85 by 9:15 a.

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 steel industry faces potential challenges and benefits as US tariffs on steel imports may lead to cheaper steel but also increase competition and environmental concerns.

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.

Trump’s proposed 25 per cent tariffs on imports from Canada and Mexico will come into effect at 10:31 am IST on Tuesday. Wall Street reacted negatively to the proposal, with the Dow Jones dropping 1.5%, the S&P 500 down 1.7%, and the Nasdaq falling 2.6%, The Guardian reported.

Goyal's visit was sudden, as he departed after cancelling previously scheduled meetings until March 8, the officials said. He is also the minister for industry. India's trade ministry did not immediately respond to an e-mailed request for comment.