India, Aug. 6 -- US President Donald Trump has signed an executive order imposing an additional 25 percent tariff on India. As per the White House, this decision comes as a response to New Delhi's purchase of Russian oil.

Trump had already imposed a 25 percent tariff on Indian goods going to the US. However, with this announcement, the tariff against India has now been increased to 50 percent.

On Tuesday, in an interview with CNBC, the US President stated that he will 'substantially raise' the tariffs imposed on India.

"India has not been a good trading partner because they do a lot of business with us, but we don't do business with them. So we settled on 25 percent, but I think I'm going to raise that rate quite substantially in the n...