India’s government is scrambling to contain the economic fallout from President Trump’s threatened tariff action.

U.S. President Donald Trump said on Tuesday he would increase the tariff charged on imports from India from the current rate of 25% "very substantially" over the next 24 hours, in view of New Delhi's continued purchases of Russian oil.

US President Donald Trump has threatened to impose higher tariffs on India very soon because the country does business with Russia. "We settled on 25% but I think I'm going to raise that very substantially over the next 24 hours,