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.

President Donald Trump Monday said he would "substantially" raise tariffs on India for "buying massive amounts of Russian oil" and "selling it on the open market for big profits," elaborating on his threat last week to impose a penalty on top of a 25% tax for Indian imports.

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."