US President Donald Trump said Tuesday he was considering "substantially" hiking tariffs on Indian imports in the next 24 hours over the country`s purchases of Russian oil.

"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 percent but I think I`m going to raise that very substantially over the next 24 hours, because they`re buying Russian oil," he told CNBC in a televised interview, reports AFP.