The tariff war between India and America is now at a crucial juncture. America is preparing to impose import tariff of up to 500% on India for buying oil from Russia. Under the Sanctioning Russia Act 2025, Donald Trump has got the right to impose heavy tariffs and secondary sanctions on countries trading with Russia. India, which is a major importer of Russian crude, may be directly affected by this decision. Already the US is imposing around 50% tariff on Indian imports. Its effect is visible on the markets—Sensex and Nifty are under pressure. If the new tariff is implemented then textiles, gems & Jewellery, pharma, IT and engineering exports may face a big blow, which will also affect jobs and MSME sector. Now the question is—Is this just pressure on Russia or a big turning point in India-US trade relations?