Government slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent.
The extra tariffs of 5 pc and 10 pc were levied on 1,717 items of a total of 5,078 products originating from the US.
A fresh set of tariffs are set to be imposed on Chinese products from September 1.
After coming to power, Trump has imposed 25 per cent import tariff on Chinese products worth USD 250 billion.
IMF succession is expected to be a major topic of discussion among G7 finance ministers and central bank governors meeting on Wed.
As Managing Director and Chief Financial Officer, Kant will be responsible for financial and risk management of the World Bank Group.
Facebook has also faced questions about whether it improperly shared user data with business partners in violation of earlier settlement.
The trade row has prompted both countries to raise tariffs and created unease over the depth of their security alliance.
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