President Donald Trump's so-called reciprocal tariffs came into effect on Thursday, after months of on-and-off again threats from the White House as it bids to upend global trade. "It's midnight! Billions of dollars in tariffs are now flowing into the United States of America!

US President Donald Trump has said he may impose additional tariffs not only against India but also against other countries that purchase Russian oil, including China. Source: Ukrinform, citing Trump during a briefing at the White House Quote from Trump: "You're going to see a lot more [countries].

President Donald Trump said he could punish China with additional tariffs over its purchases of Russian oil, though one of his top advisers played down the likelihood. Trump floated that possibility on Wednesday after doubling tariffs on Indian goods for buying Russian energy.

On Wednesday, Donald Trump doubled US tariffs on India to 50%, up from 25%, penalising Delhi for purchasing Russian oil - a move India called "unfair" and "unjustified". The tariffs aim to cut Russia's oil revenues and force Putin into a ceasefire. The new rate will come into effect in 21 days, so on 27 August.

The European Union will likely have to wait a few more days for an executive order by U.S. President Donald Trump lowering tariffs on imports of European cars and car parts, a source familiar with the EU-U.