Trump says he will raise tariffs on India 'very substantially' over next 24 hours

US President Donald Trump on Tuesday said India has not been a good trading partner and announced that he will raise the tariffs on India ''very substantially'' over the next 24 hours.

''With India, what people don't like to say about India, they're the highest tariff nation. They have the highest tariff of anybody. We do very, very little business with India because their tariffs are so high," Trump said in an interview with CNBC Squawk Box.

''India has not been a good trading partner, because they do a lot of business with us, but we don't do business with them. So we settled on 25% (tariff), but I think I'm going to raise that very substantially over the next 24 hours, because they're buying Russian oil,'' he added.

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