Washington: US President Donald Trump announced his intention to significantly increase tariffs on imports from India within 24 hours, due to its refusal to abandon oil imports from Russia. Trump stated in an interview with CNBC News, “We’ve stopped at 25%, but I think I’m going to raise it significantly in the next 24 hours because they’re buying Russian oil.”

According to National Iraqi News Agency, Trump had previously announced the imposition of a 25% tariff on goods imported from India into his country, effective August 1. The decision was made in response to what Trump described as New Delhi’s high tariffs, trade barriers, and its cooperation with Moscow in the energy and arms sectors.