President Donald Trump has started imposing higher import taxes on goods from over 60 countries, including the European Union, Japan and South Korea.

A 50% tariff rate will be the highest levy among any U.S. trading partner, with some sectors of Indian economy more exposed than others.

"The key channel by which secondary tariffs on buyers of Russian energy could impact the global economy would be through the level of energy prices," says Kieran Tompkins from the consultancy Capital Economics. If the tariffs work, they will cut the flow of Russian oil and gas to global markets.