India has a large trade surplus with the U.S. and was previously facing 25% rates set to go into effect this Friday.

U.S. President Donald Trump said on Monday he will substantially raise tariffs on India over its purchases of Russian oil. "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased,

US President Donald Trump has said he will "substantially" raise the tariffs imposed on Indian imports, claiming the country continues to buy "massive amounts" of oil from Russia. It comes after he announced a 25% tariff on goods from India last week,