India hopes trade talks with the U.S. will continue even as the U.S. hiked tariffs on its exports to 50% due to New Delhi's purchase of sanctioned Russian oil, two lawmakers said on Monday, citing a briefing to a parliamentary panel on foreign affairs.

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".