Trump on Aug. 6 imposed an additional 25% tariff on Indian goods as punishment for Delhi's purchases of Russian oil, which he said meant the country was funding Russia's invasion of Ukraine. That raised the total duty on Indian exports to 50% - among the highest of any U.S. trading partner.

Nobel laureate Abhijit Banerjee recommended that India needs to think about whether to import Russian oil amid the raging US tariffs and then ask the US about whether or not they will take the duties down if the oil import stops.