India, Aug. 5 -- US President Donald Trump announced on Tuesday that he would increase the tariffs imposed on Indian imports "very substantially" over the next 24 hours due to India's continued purchases of Russian oil.

"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 very substantially over the next 24 hours, because they're buying Russian oil," he told CNBC in a televised interview.

"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. They don't care how many people in Ukraine are being killed by the Ru...