India signals it won’t bow to U.S. pressure, prioritizing cheap Russian crude to keep export goods competitive and avoid a potential $20B jump in oil import costs over two years.

While describing India as a “friend,” the president raged against the country’s high tariffs on the US, including its “obnoxious” non-monetary trade barriers.

The US will impose an additional 25% tariff on Indian goods in 21 days, citing the country's continued oil purchases from Russia, under an executive order signed by President Donald Trump on Wednesday.