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.

Tariffs on Indian exports to the United States will surge to 50 percent by late August, as part of an effort by President Trump to pressure Russia into resolving its war in Ukraine.

India, which now faces among the highest tariff rates imposed by the US, called the levy "unjustified and unreasonable".