Last week, the American President imposed 50 per cent tariffs on India as “punishment” for buying oil from Russia.

Former RBI Governor Raghuram Rajan has criticised US President Donald Trump's 50 per cent tariff on Indian goods, calling negotiations “hard, with a gun to your head”. The economist also warned of potential long-term geopolitical repercussions of these tariffs for both India and the US.

Donald Trump's 50% tariff threat on India-aimed at forcing New Delhi to ditch Russian oil-has jolted a relationship Washington once nurtured as a bulwark against China, putting billions in trade and years of goodwill at risk,