President Trump vowed Monday to “substantially” jack up the US tariff on imports from India due to New Delhi’s continued purchase of Russian oil as Moscow’s invasion of Ukraine grinds

U.S. President Donald Trump threatened to “substantially” raise tariffs on Indian goods, escalating tensions between the U.S. and India over India’s continued purchases of Russian oil despite Western pressure.

US President Donald Trump’s tariff shock on India is complicating the central bank’s interest rate decision Wednesday, with some economists bringing forward their expectations for easing.