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 move was in line with expectations from economists polled by Reuters, and comes after the Reserve Bank of India delivered an outsized cut of 50 basis points

US President Donald Trump has announced plans to raise tariffs on India "very substantially" within the next 24 hours, criticizing New Delhi's purchase and resale of Russian oil. Trump expressed frustration over India's growing trade with Russia,