India, Aug. 2 -- US President Donald Trump formally imposed a 25% tariff on Indian exports late on Thursday in a sweeping executive order that hit dozens of trading partners with new levies, escalating his global trade war as the Friday deadline approached.

The Republican pressed ahead with a trade policy that initially sparked market sell-offs when announced in April. On Friday, global shares stumbled, with Europe's STOXX 600 down 1.8% and Wall Street opening sharply lower. Indian equity benchmark indices Sensex and Nifty fell 0.72% and 0.82% respectively.

Goods from India face the 25% levy plus an unspecified penalty for Russian oil purchases after talks bogged down over access to India's agriculture and other sensitive sectors, with ...