Trump aide signals possible removal of 25 percent tariffs on India
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US Treasury Secretary Scott Bessent has indicated that the additional 25 percent tariffs imposed on India could be removed, saying Indian refinery purchases of Russian oil have sharply declined following the US measure.
Speaking to Politico on the sidelines of the World Economic Forum in Davos on Friday, Bessent described the fall in Indian imports of Russian crude as a “huge success” of US trade policy. He said the tariffs remain in place but suggested there is a diplomatic path to lifting them if India continues to shift its energy sourcing.
“We put a 25 percent tariff on India for buying Russian oil, and the Indian purchases by their refineries of Russian oil have collapsed. So that is a success. The tariffs are still on. I would imagine there is a path to take them off,” Bessent said.
His remarks come as the US Congress discusses a proposed bipartisan bill that could impose a 500 percent duty on countries purchasing Russian oil. India has maintained that its energy policy is guided by the need to ensure affordable supplies for its population.
Reacting to the proposed legislation, Ministry of External Affairs spokesperson Randhir Jaiswal said New Delhi is aware of the bill and is closely monitoring developments.
Bessent also criticised European countries for importing refined petroleum products from India that are made using Russian crude, arguing that such trade indirectly finances Russia’s war effort. He called the practice ironic, noting that Europe had previously avoided imposing similar tariffs on India.
The comments come ahead of renewed EU-India engagement, with both sides preparing to adopt a comprehensive strategic agenda and advance talks on a proposed Free Trade Agreement at the upcoming EU-India summit in New Delhi.