India's benchmark indexes are set to open higher on Friday, as a U.S. tariff reprieve lifted sentiment, even as global trade uncertainty continues to linger.

India is the world's fifth-largest and fastest-growing major economy. Yet, a recent legacy of protectionism and inward-focused trade policies have held back its global competitiveness. Its tariffs are high and the share of global exports remains under 2%.

On Monday, Karoline Leavitt, the White House press secretary, listed India as one of the countries that imposed high tariffs on US goods. Leavitt told reporters: “It’s time for reciprocity, and it’s time for a president to make a historic change ...

The sharply high tariffs on China could provide a comparative advantage for India, as businesses based in China may now look to shift operations to countries with lower tariff regimes, such as India.

The price of gold has hit a fresh record high as concerns grow about the US-China trade war. Bullion is above $3,200 (£2,454) a troy ounce for the first time as investors flock to so-called safe-haven assets.

Apple reportedly hurried 600 tons of iPhones — up to 1.5 million individual phones — out of India before President Donald Trump slapped the rest of the world with tariffs. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

India's top software-services exporter Tata Consultancy Services reported weaker-than-expected quarterly results on Thursday and warned uncertainty around U.S. tariffs was prompting clients to rethink discretionary projects.