Earlier on Wednesday, Trump announced a 25% tariff rate on Indian goods, along with an unspecified “penalty” for its continued trade relationship with Russia.

U.S. President Donald Trump's demand on India to halt Russian oil imports could threaten billions in Russian revenues, prompt Moscow to retaliate by stopping a major U.S.-led oil pipeline and potentially lead to a new global supply crisis.

President Donald Trump said he would impose a tariff of at least 25% on India’s exports to the US starting Friday, though later added that the two sides were still in talks.