Srinagar, Aug. 5 -- US President Donald Trump said he may "substantially" increase tariffs on India within 24 hours, criticizing New Delhi's continued purchase of Russian oil and weapons and what he called an unfair trade relationship.

Speaking to CNBC, Trump said, "India has the highest tariffs on US goods. They do a lot of business with us, but we don't do business with them. I settled on 25%, but I think I'll raise that quite substantially."

He accused India of "fueling the war machine" by buying Russian oil, saying, "If they are going to do that, I'm not going to be happy."

India hit back sharply. The Ministry of External Affairs called the threat "unjustified and unreasonable," adding that India's Russian oil imports are driven by...