India Slams Trump’s Threat of Higher Tariffs Over Russian Oil

Good morning. Trump threatens even higher tariffs on India over Russian oil. Hong Kong’s listing market is set to stay hot for longer. And American Eagle gains meme stock status with its biggest jump since 2000. Listen to the day’s top stories.

Donald Trump warned India that he would “substantially” raise tariffs on the country due to its purchases of Russian oil, a move New Delhi slammed as “unjustified and unreasonable” in an escalating fight between the two major economies. The president’s warning comes ahead of an Aug. 8 deadline for Moscow to reach a truce with Kyiv, with the administration threatening so-called secondary sanctions on countries that purchase Russian energy.