In a CNBC interview on August 5, President Trump warned of a very significant tariff increase within 24 hours, citing India's high tariffs and Russian oil purchases fueling a war machine.
PANews reported on August 5 that President Trump announced plans to significantly raise tariffs on Indian imports from the current 25% rate within 24 hours due to India's continued purchases of Russian oil. Trump stated that these purchases are fueling a war machine and criticized India's high tariff rates.