US President Donald Trump has stated that America's steep tariffs on India over its import of Russian oil have dealt a "big blow" to Moscow's economy, which he said was not performing well.

MUMBAI (Reuters) -About 55% of India's merchandise exports to the United States will be subject to the tariff imposed by President Donald Trump's administration, the Indian government said on Monday.

Donald Trump claimed his 50 per cent tariffs on India for buying Russian oil have significantly impacted Russia's economy.

India signals it won’t bow to U.S. pressure, prioritizing cheap Russian crude to keep export goods competitive and avoid a potential $20B jump in oil import costs over two years.

Tariffs on Indian exports to the United States will surge to 50 percent by late August, as part of an effort by President Trump to pressure Russia into resolving its war in Ukraine.

According to President Donald Trump’s latest deal, Nvidia and AMD can restart sales of — respectively — their H20 and MI308 chips to China in return for handing 15 per cent of revenues gleaned to the US government.

As the president pursues his goals on Russia and trade, America’s relationship with an important partner in Asia could end up as collateral damage.

Trump-era tariffs pressure India’s garment exporters as buyers move orders elsewhere, raising concerns over jobs and trade competitiveness.