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 goods from India over its purchases of Russian oil. "India is not only buying massive amounts of Russian Oil, they are then,

President Trump said on Monday he will raise tariffs on India for buying and selling oil from Moscow, arguing that the country doesn’t care about the Ukrainian casualties from the war with Russia. The president didn’t say how much the tariff will increase on India,