India should consider whether the cheap oil imports from Russia are 'worth it' after the Trump administration announced an additional 25 per cent tariff on Indian goods, Nobel laureate Abhijit Banerjee has said.

US President Donald Trump's imposition of tariffs on India is both "unfair and unworkable", especially when Europe remains the world's largest importer of Russian energy in dollars and the biggest contributor to Russian revenues,

As governments worldwide scrambled to sway President Donald Trump and secure favorable trade terms before his so-called reciprocal tariffs took effect this week, India wagered heavily on a single Trump insider – and lost.