India's hopes of reduced tariffs on exports to the United States were dashed Wednesday after US President Donald Trump announced a 25 per cent levy, plus an unspecified penalty for buying arms and crude oil from Russia.

Companies, consumers and foreign countries have been paying close attention to President Donald Trump’s aggressive policy of placing tariffs on foreign goods. Soon, the courts will weigh in on whether Trump has the power to levy those tariffs in the first place — a high-stakes legal battle that will either affirm a key pillar of Trump’s economic policy or cut it off at the knees.

U.S. President Donald Trump is getting his tariffs. Companies are making it clear how they intend to deal with it - passing them on to American consumers.