Trump doubles India tariffs to 50% for buying Russian oil

US President Donald Trump on Wednesday slapped an extra 25% tariff on goods from India, saying the country directly or indirectly imported Russian oil.

In an executive order, Trump also said he would set up "a process for the potential imposition of similar tariffs on other countries that directly or indirectly import oil from the Russian Federation". The move means India now faces duties of 50%.

The new tariffs are set to go into effect in 21 days, according to the order.

Reporting by Frank Prenesti for Sharecast.com