The Indian prime minister has said his country "is ready" to react to President Donald Trump's additional 25 percent levy on goods entering the U.S.

The backdrop for this meeting is escalating trade tensions following Washington's decision to double tariffs on Indian goods to 50 per cent. The latest increase, an additional 25 per cent duty, was announced by US President Donald Trump on Wednesday. The justification cited for this hike was India's continued purchase of Russian crude oil.

(Reuters) -Indian Prime Minister Narendra Modi and Brazil's President Luiz Inácio Lula da Silva spoke by phone on Thursday, Modi's office said in a statement, a day after the Brazilian leader said he would initiate a conversation among the BRICS group on tackling U.