India is the world’s third-largest consumer of crude oil and depends on imports to meet around 88 per cent of its requirement of the commodity.

In a major shake-up of international trade, US President Donald Trump made two big announcements within hours on Wednesday. Major Tariff and Trade Moves in One Day First, he said that the United States will now slap a 25% tariff and extra penalties on Indian goods starting August 1.

President Trump imposed new tariffs on goods from 70 countries, citing trade deficit concerns. The tariffs, ranging up to 41%, affect various nations. Key deadlines were August 1st and August 7th. Some specific rates include 35% on Canada,