US President Donald Trump's move to impose a 25% tariff on Indian imports from August 1 and an unspecified "penalty" for buying Russian oil and defence equipment is unlikely to have a major impact on India's overall economic growth but short-term sentiment may be dented.

U.S. President Donald Trump's demand on India to halt Russian oil imports could threaten billions in Russian revenues, prompt Moscow to retaliate by stopping a major U.S.-led oil pipeline and potentially lead to a new global supply crisis.

The United States will impose a 25% tariff on goods from India, plus an additional import tax because of India’s purchasing of Russian oil, President Donald Trump said Wednesday. The new tariffs were part of a flurry of trade activity that included a series of executive actions regarding Brazil,