Ever since Donald Trump's tariff salvo on India this week, garment maker Pearl Global - whose U.S. client list includes Gap and Kohl's - has been receiving midnight panic calls with an ultimatum: share the tariff hit or move production out of India.

India has unexpectedly become a key target in Washington's latest push to pressure Russia over the Ukraine war. On Wednesday, Donald Trump doubled US tariffs on India to 50%, up from 25%, penalising Delhi for purchasing Russian oil - a move India called "unfair" and "unjustified".

Meanwhile, India's foreign ministry has hit out at what it calls U.S. hypocrisy in ignoring its own trade with Russia that has continued through the war in Ukraine, an allegation that Trump brushed aside but didn't deny. It's also important to note that Indian companies own stakes in many Russian oil fields.