US President Donald Trump has threatened to slap India with a 25 percent tariff rate, plus a "penalty" for buying Russian oil and weapons. The move comes as the United States has been intensifying pressure on Russia to agree to a ceasefire with Ukraine.

In a social media post on Wednesday, Trump said the measures would start August 1. He described India as a "friend," but said that its tariffs on American products "are far too high."

He also criticized India's purchase of military equipment and energy from Russia.

Speaking at the White House later, he said negotiations are still ongoing.

The Indian government said in a statement that it was studying the "implications" of Trump's announcement. It said India is committed to concluding a "fair, balanced and mutually beneficial" trade agreement, and noted that the country will take "all steps necessary" to secure its national interest.

Washington has stepped up negotiations with its trading partners as the deadline nears. Trump has warned that other countries unable to reach agreements, could face 15 to 20 percent tariffs.