Are India-US trade deal hopes over at the very start of 2026? Donald Trump has issued a fresh tariff threat to India over its continued purchase of Russian oil. Speaking to reporters aboard Air Force One, Trump warned that Washington could raise tariffs on Indian goods if New Delhi does not “help” the United States on the Russian oil issue. He claimed that India has already reduced its purchases from Russia. Trump asserted that Prime Minister Narendra Modi “knew I was not happy” and that it was “important to make me happy,” adding that tariffs could be raised “very quickly” if needed.