India and US are negotiating a trade package by ironing out trade issues with an aim to promote the two-way commerce.
US crude was down 26 cents, or 0.5 per cent, at USD 54.84 a barrel by 0644 GMT, while Brent was down 6 cents at USD 58.60 a barrel.
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.
Federal debt, which is already high by historical standards, is on an unsustainable course, said Phillip Swagel of CBO.
After coming to power, Trump has imposed 25 per cent import tariff on Chinese products worth USD 250 billion.
Apple’s MacBook laptops and iPhones would not face the additional tariffs until December 15.
The accusation, which followed a sharp slide in the yuan on Monday, has driven an even bigger wedge between the world’s largest economies.
President Donald Trump tweeted on Monday morning, saying: “China dropped the price of their currency to an almost a historic low.
Market participants are now awaiting the release of U.S. non-farm payrolls data due later in the day.