Meanwhile, India's foreign ministry has hit out at what it calls U.S. hypocrisy in ignoring its own trade with Russia that has continued through the war in Ukraine, an allegation that Trump brushed aside but didn't deny. It's also important to note that Indian companies own stakes in many Russian oil fields.

President Donald Trump’s latest tariffs are ready to launch. Last week, Trump signed executive orders slapping tariffs of between 10% and 41% on a range of countries, but delayed their start date until Aug.

U.S. President Donald Trump's wide-ranging tariffs are expected to go into effect at 12:01 am ET, Thursday, just as the economic fallout of the president's months-long tariff threats creates visible damage to the U.