At a 25 per cent tariff, some of our exports are already not competitive, so maybe 50 per cent does not matter,” Banerjee observed, highlighting that some sectors have already lost pricing advantage.

In an executive order, Trump says "I find that the Government of India is currently directly or indirectly importing Russian Federation oil" and due to those purchases, imports of Indian goods into the United States "shall be subject to an additional ... rate of duty of 25%."

Trump has signed an executive order to place an additional 25% tariff on India for its purchases of Russian oil.