MUMBAI (Reuters) -About 55% of India's merchandise exports to the United States will be subject to the tariff imposed by President Donald Trump's administration, the Indian government said on Monday.

India signals it won’t bow to U.S. pressure, prioritizing cheap Russian crude to keep export goods competitive and avoid a potential $20B jump in oil import costs over two years.

India, which now faces among the highest tariff rates imposed by the US, called the levy "unjustified and unreasonable".