President Donald Trump on Wednesday announced sweeping and substantial tariffs on India, one of America’s most important trading partners. In addition to a 25% tariff that is set to go into effect Thursday,

In an executive order, Trump says "I find that the Government of India is currently directly or indirectly importing Russian Federation oil" and due to those purchases, imports of Indian goods into the United States "shall be subject to an additional ... rate of duty of 25%."

Import taxes on Indian goods were already set to go to 25 percent after midnight Thursday. The rate would double in three weeks under a White House order.