FX.co ★ Trump Vows Tariff Hike on India Within 24 Hours Over Russian Oil

On Tuesday, U.S. President Donald Trump issued a stern warning, threatening to significantly increase tariffs on India within 24 hours. This announcement follows India's ongoing procurement of Russian oil, a move that has met with Trump's disapproval. Despite discussions around a potential trade agreement where India might offer the U.S. "zero tariffs," Trump indicated that such a gesture would be insufficient. The president had previously accused India of acquiring "substantial quantities of Russian oil" and subsequently selling it "on the global market for enormous profits." In reaction to these allegations, New Delhi branded the accusations as "unjustified and unreasonable," pledging to undertake "all necessary measures" to safeguard its "national interests and economic security." Concurrently, Russia backed India's decision, emphasizing that sovereign countries have the right to select their trade and economic partners freely. Reports indicate that National Security Advisor Ajit Doval was in Moscow for discussions. In light of these geopolitical tensions, rating agency ICRA has adjusted India's GDP growth forecast for FY26 downwards to 6.0% from 6.2%, identifying U.S. tariff threats and the looming uncertainty over potential penalties as primary concerns.