U.S. President Donald Trump said on Tuesday he would increase the tariff charged on imports from India from the current rate of 25% "very substantially" over the next 24 hours, in view of New Delhi's continued purchases of Russian oil.

Indian experts believe the U.S. president is trying to gain short-term leverage in trade negotiations with New Delhi.

Russia on Tuesday commented on the growing dispute between the U.S. and India over purchases of Russian oil. Trump's tariff threats were "attempts to force countries to stop trade relations with Russia,