US Treasury Secretary Scott Bessent delivered a warning to India regarding potential increases in secondary tariffs related to the country’s trade in Russian oil. The decision to escalate these tariffs hinges heavily on the discussions between US President Donald Trump and Russian President Vladimir Putin during their scheduled meeting in Alaska on Friday. Speaking with Bloomberg, Bessent outlined the possibility of intensified sanctions or tariffs on India if the talks yield unfavorable results. This follows remarks made on August 12, where Bessent noted India’s resistance in trade negotiations with the US, labeling their approach as ‘a bit recalcitrant’ in response to the US imposing an additional 25% tariff due to India’s oil acquisitions from Russia. In an appearance on Fox Business Network’s ‘Kudlow,’ Bessent alluded to unresolved ‘big trade deals,’ particularly involving Switzerland and India, and suggested that tariff negotiations could potentially conclude by October. The US Treasury Secretary highlighted that several crucial trade agreements with significant countries are yet to be finalized, underscoring the need for resolution.
India Faces Possible Tariff Hikes on Russian Oil Amid US-Russia Talks
By The Chhattisgarh1 Min Read