Global markets today, Aug. 5 -- Asian markets moved higher after U.S. President Donald Trump revealed intentions to sharply increase tariffs on Indian exports to the U.S.

Trump announced on Monday that he plans to significantly increase tariffs on Indian goods in response to India's imports of Russian oil. In turn, New Delhi described the U.S. president's move as "unjustified" and stated it would take steps to protect its interests.

"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits," Trump wrote on the social media platform Truth Social.

Japan's Nikkei 225 advanced by 0.54 per cent, and the Topix edged up 0.45 per cent.

South Korea's Ko...