<h1>US-India trade dispute over tariffs tied to India's Russian oil purchases; possible rapid hikes and punitive levies floated</h1> President Trump indicated that the US may increase tariffs on India in response to India's purchases of Russian oil, stating that tariff escalation could be implemented 'very quickly,' implying a prospective trade-restrictive measure with adverse consequences for Indian exports to the US. Senator Lindsey Graham referenced an existing 25% tariff allegedly imposed on India for buying Russian oil, asserting it has driven a reduction in such purchases; if maintained, the tariff continues to operate as an economic disincentive against procurement of Russian oil by increasing the cost burden associated with trade with the US. Graham also described a proposed bill to impose 500% levies on imports from countries purchasing Russian oil, which, if enacted, would sharply raise import duties and deter such purchases through punitive tariff rates.