India's equity benchmarks are set to open little changed on Tuesday after U.S. President Donald Trump reiterated his threat of harsh tariffs on goods from India over its Russian oil purchases.

Continuing his tirade against India, US President Donald Trump has now threatened to impose substantially higher tariffs on India in the next 24 hours. A day after he launched a fresh salvo at India over Russian oil imports, Trump told CNBC today: "I think I am going to raise India's tariffs substantially in the next 24 hours."

Not only did Trump impose a 25% tariff on India, he also announced a “penalty” on top of the duty because the South Asian country buys Russian oil.