US President Donald Trump's 25% tariff announcement on India will have "very little impact" on markets and the Indian economy, according to market expert Ajay Bagga.The markets will discount the news "very fast," he said.He further elaborated on the additional penalty that is to be imposed on India regarding its purchase of Russian oil, saying that this would lead to rise of prices in oil and an increase in US inflation as the oil companies in the US would raise their prices."If you put a penalty on 9 million barrels on Russian oil, it comes back as oil prices rise," Bagga said.US President Donald Trump on Wednesday not only announced tariffs as high as 25% on India, but he also added a "penalty" against the country.(This is a developing story)Trump Tariffs On India LIVE: US Levies 25% But Details Awaited; Gift Nifty Slides. Read more on Markets by NDTV Profit.