US Treasury Secretary Scott Bessent has indicated that the Donald Trump-led administration could consider rolling back half of the 50 per cent tariffs imposed on New Delhi, citing what he mentioned as India’s reduced purchases of Russian oil in recent months.
The United States had slapped a 25 per cent tariff on India over alleged trade imbalances, with an additional 25 per cent levy imposed in response to India’s continued imports of crude oil from Russia.
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Bessent said India has significantly scaled back such purchases, creating conditions conducive to lifting at least 25 per cent of the tariffs.
"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 said in an interview with Politco.
Bessent was explaining the administration's use of tariffs as a "stick" to enforce geopolitical goals, specifically cutting off revenue for Russia's war effort in Ukraine.
