MUMBAI: U.S. Treasury Secretary Scott Bessent on Friday signaled the potential removal of additional 25% tariffs on India following a sharp reduction in Indian imports of Russian oil.
Trade tensions escalated in August when U.S. President Donald Trump doubled tariffs on Indian goods to 50%, including a 25% levy in response to India’s imports of Russian crude.
“Indian purchases by their refineries of Russian oil have collapsed. So that is a success. The tariffs are still on, 25% tariffs for Russian oil are still on. I would imagine there is a path to take them off,” Bessent said in an interview with Politico at the World Economic Forum.
India’s Reliance to buy sanctions-compliant Russian oil in February and March, sources say
India’s Russian oil imports in December dropped to their lowest in two years, lifting OPEC’s share of Indian oil imports to an 11-month high, Reuters reported on Friday, citing trade data.
Bessent’s remarks came amid heightened pressure from Trump, who earlier warned that tariffs could increase further unless India curtails its Russian oil purchases.
American Dollar Exchange Rate