New Delhi, Aug. 3 -- In a major setback for India, US President Donald Trump announced Thursday a 25% tariff on the import of Indian goods and an additional "penalty" for buying the "vast majority of their military equipment from Russia."

Trump said India is Russia's "largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE - ALL THINGS NOT GOOD!".

He also cited "massive trade deficit with India" as the reason behind the high tariff rate of 25%. He added that US has "done very little business with India, their Tariffs are too high, among the highest in the World."

But a day later, the US President informed that tariff talks with India are still on, raising hope of a respite. "I unde...