ISTANBUL
US President Donald Trump said Tuesday that he plans to raise tariffs on India "very substantially" within 24 hours, citing New Delhi's continued purchases of Russian oil and high trade barriers.
"So we settled on 25% but I think I'm going to raise that very substantially over the next 24 hours, because they're buying Russian oil," Trump told business-focused broadcaster CNBC in an interview. "They're fueling the war machine. And if they're going to do that, then I'm not going to be happy."
Trump also claimed that India maintains the world's "highest tariffs," saying: "We do very, very little business with India because their tariffs are so high."
The US president has accused India of profiting from Russian oil resales, writing on Truth Social Sunday that New Delhi buys "massive amounts" of Russian oil and sells much of it "for big profits."
"They don't care how many people in Ukraine are being killed by the Russian War Machine," Trump wrote.
He had previously announced 25% tariffs on India starting Aug. 1, citing trade barriers and oil purchases from Moscow. Separately, he also warned that countries buying Russian oil would face 100% secondary tariffs unless Moscow reaches a peace deal with Ukraine.
India pushed back on Trump's allegations on Monday, asserting it would continue to "safeguard national interests." Russian oil accounted for 35-40% of India's total oil imports last year.