Trump threatens higher India tariffs, accuses nation of funding war in Ukraine

Catch up quick: The U.S. has threatened sanctions against countries that buy Russian oil, primarily China and India. But Trump has saved his sharpest ire on the subject for the latter.

What they're saying: "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump said in a Truth Social post.

• "They don't care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA."
• His comments echo those made over the weekend by top Trump aide Stephen Miller, who accused India of financing Russia's war effort.

The intrigue: Reuters reported over the weekend, citing Indian government sources, that the country intends to keep buying Russian oil despite the sanctions threat.

By the numbers: India was hit with a 25% tariff in the updated levies released last Thursday.

• It's not clear how much higher the tariff might go; the White House did not immediately return a request for comment.
• Shares in the largest India ETF, the iShares MSCI India ETF, were down 0.4% in midday trading, having turned negative after Trump's post.

The other side: India's Ministry of External Affairs, in a statement posted to X, blasted Trump's threat as "unjustified and unreasonable."

• The statement notes that India began importing Russian oil after traditional supplies were diverted to Europe due to the war — and that both the EU and U.S. continue to import goods from Russia as well.

Editor's note: This story has been updated with the Indian government's response.