India, July 31 -- Congress MP Shashi Tharoor on Thursday said the 25% tariff announced by US President Donald Trump on the Indian economy is a very "serious" matter that will "destroy" India's trade with America.

"It's a very serious matter for us... 25, plus an unspecified penalty for our buying oil and gas from Russia, it could take it up to 35-45... There's even talk of a 100% penalty, which will destroy our trade with America... The trade negotiations are underway, and there is a possibility that it may come down. If it doesn't, it will damage our exports, because America is a very big market for us," news agency ANI quoted Shashi Tharoor as saying.

The Congress leader also noted that the Trump administration has to take into consid...