The US will impose 25% tariffs on goods imported from India "plus an unspecified penalty" for buying Russian oil and weapons, President Donald Trump has said.

India is weighing options to placate the White House, including boosting US imports, and has ruled out immediate retaliation to President Donald Trump’s surprise 25% tariff threat, according to people familiar with the matter.

The stakes are high, with the United States and India counting on each other as indispensable partners in their competition with China.