US President Donald Trump has threatened to impose significant tariffs on India within 24 hours. He made the threat in an interview with CNBC News on Tuesday (August 5) local time. The US president said that the punitive measures will be taken because India continues to buy energy from Russia.

He said, "India is not a good trading partner. Because they do a lot of business (exports) with us. But we don't do business (exports) with them. That's why we have imposed a 25 percent tariff on them. But I think in the next 24 hours I will increase it significantly. Because they are buying Russian oil."

Earlier on Monday, Trump announced additional tariffs on India beyond the 25 percent. At that time, he complained that India was buying their oil despite Russia's killings in Ukraine. Not only is it buying, but it is also selling it on the open market and making a huge profit.

Meanwhile, India's Ministry of External Affairs has said that it will take necessary steps to protect its own national interests in the face of Trump's threat.