The US has warned of increased secondary tariffs on India, dependent on the outcome of the upcoming meeting between President Donald Trump and Russian counterpart Vladimir Putin regarding a peace deal for Ukraine. This comes as the US already imposed a 25% penalty on India for buying Russian oil and weapons.

• Russian oil now accounts for 35% to 40% of India’s oil imports in 2024, a significant rise from 3% in 2021.
• US Treasury Secretary Scott Bessent stated that tariffs could "go up" if peace talks "don't go well."
• Trump’s new 50% tariff rate on India is set to take effect on August 27, potentially severely impacting India's export-focused industries and dragging its growth down by as much as half a percent.