At first glance, halving import tariffs on Scotch to 75% under the India-UK trade deal should bring the biggest cheer to India's whisky lovers. But there is little to celebrate once you look closely at India's complex tax regime.

Donald Trump on Wednesday announced a 25 per cent tariff on Indian imports and threatened an additional penalty in response to India's energy purchases from Russia.

The US will impose 25% tariffs on goods imported from India "plus an unspecified penalty" for buying Russian oil and weapons, President Donald Trump has said.