New Delhi, July 3 -- Even as negotiations for a US-India trade deal are underway, there's a new threat on the horizon that Indian exporters may face. America's President Donald Trump has reportedly green-lit a bill that aims to levy a 500% tariff on imports from countries that buy oil and energy products from Russia.

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Given the ramped-up purchases of discounted oil from Russia by China and India after the Ukraine War broke out, the two countries are being seen as the main targets.

"India and China buy 70% of [Russian President Vladimir] Putin's oil. They keep his war machine going," US Senator Lindsey Graham, who sponsored the bill, told ABC News on ...