The added tariffs that President Donald Trump imposed on India to pressure it to stop purchasing Russian oil could have ripple effects on the global market. This week, Trump said that he was raising the tariff on goods imported from India from the previously announced 25% rate to 50% as a penalty for India’s purchases

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.

Even before Russia invaded Ukraine in February 2022, Moscow was under sanctions due to its annexation of Crimea