An ETF that tracks stocks in India is struggling to rebound from its recent losing streak, after President Trump imposed 25% tariffs on the country — and then threatened even steeper levies.

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.

The Guinness brewer now expects to take a $200 million annual hit from tariffs, although it said it could mitigate half of that.