US Signals Rollback Of Trump’s 25% Tariff As India Cuts Russian Oil Imports : US Treasury Secretary Scott Bessent
New York : US Treasury Secretary Scott Bessent has signalled that the Donald Trump-led administration could consider rolling back half of the 50 percent tariffs imposed On India. Speaking in an interview with an American news outlet Politico, Bessent said India’s move to scale down imports of Russian oil had created conditions favourable for easing at least 25 per cent tariffs levied on Indian goods.
While 25 per cent duties were slapped on India over alleged trade imbalances, another 25 per cent levy was introduced as a punitive measure in response to India’s continued purchases of crude oil from Russia, even as Washington sought to tighten economic pressure on Moscow. “Our 25 per cent tariff on India has been a huge success. Indian purchases of Russian oil have collapsed. The tariffs are still on. I would imagine there is a path to take them off now,” he told Politco.
“India started buying Russian oil after the conflict began, but President Trump put a 25 per cent tariff on them, and India has geared down and has stopped buying Russian oil,” Bessent claimed. His remarks point to a possible recalibration of the Trump administration’s hardline trade stance towards India, even as both countries have been engaged at various levels in recent months to reach a mutually beneficial trade deal and ease tensions that arose between New Delhi and Washington after Trump announced the tariffs in August last year.
As part of efforts to step up pressure on Moscow, the Trump administration has been urging countries, including India, to cut oil ties with Russia. As part of efforts to step up pressure on Moscow, the Trump administration has been urging countries, including India, to cut oil ties with Russia. India has categorically rejected this pressure, describing the US action as “unfair, unjustified and unreasonable” while maintaining that its energy policy is guided by its own national interest.
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