Trump raises India tariffs to 50% over Russian oil purchases

Modi will try to rekindle his bromance with DonalJim Watson | AFP | Getty ImagesThe White House announced Wednesday that it is imposing an additional 25% tariff on India, bringing the total levies against the major United States trading partner to 50%. "I find that the Government of India is currently directly or indirectly importing Russian Federation oil," President Donald Trump said in an executive order. "Accordingly, and as consistent with applicable law, of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 percent," the executive order reads.The new tariffs are set to go into effect in 21 days, according to the order.Trump's new tariff rate on India is now among the highest levy on all of the United States' trading partners

It's the sign that Trump is moving on making good on his threat to punish countries that buy Russian oil, as he's increased his rhetoric in recent weeks over President Vladimir Putin's invasion of Ukraine.Read more CNBC coverageTrump views foreign investment pledges as gifts

Wyden: Trump 'soft, weak and afraid' for firing BLS chief over jobs reportTrump fires commissioner of labor statistics after weaker-than-expected jobs figures slam Trump says he moved two nu submarines after Russia's Medvedev warns U.S.Trump last week said that India would pay a tariff of 25%, in addition to a "penalty" over the country's purchase of military equipment and energy from Russia

It was not at the time what such a penalty might look .Trump signaled Tuesday that he would raise the tariff on India "very substantially over the next 24 hours, because they're buying Russian oil, they're fueling the war machine." "And if they're going to do that, then I'm not going to be happy," Trump said on CNBC's "Squawk Box."India, however, has said that it is being "targeted" by the U.S. and European Union "for importing oil from Russia after the commencement of the Ukraine conflict." India's Ministry of External Affairs said in a Monday statement that "it is revealing that the very nations criticizing India are themselves indulging in trade with Russia." "Un our case, such trade is not even a vital national compulsion [for them]," the statement said