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.

President Donald Trump said he plans to “substantially” increase tariffs on India, as tensions between the US president and Indian Prime Minister Narendra Modi continue to escalate. “We settled on 25% but I think I’m going to raise that very substantially over the next 24 hours,

The move was in line with expectations from economists polled by Reuters, and comes after the Reserve Bank of India delivered an outsized cut of 50 basis points