US Signals Potential for Increased Tariffs on Indian Oil Imports from Russia

The United States Treasury Secretary, Scott Bessent, has cautioned India about the possibility of elevated secondary tariffs concerning its trade of Russian oil. The implementation of these potential increased tariffs is contingent upon the outcomes of a forthcoming meeting between US President Donald Trump and Russian President Vladimir Putin in Alaska on Friday. During an interview with Bloomberg, Bessent stated that sanctions or tariffs on India could be amplified based on the dynamics of the discussions. Earlier, on August 12, Bessent expressed that India has been firm in its trade negotiations with the US, describing New Delhi’s stance as ‘a bit recalcitrant,’ following the announcement of an additional 25% tariff by President Trump, which was influenced by India’s oil purchases from Russia. Addressing Fox Business Network’s ‘Kudlow,’ Bessent highlighted pending ‘big trade deals,’ including those with Switzerland and India, while indicating the possibility of finalizing tariff negotiations by October. The US Treasury Secretary mentioned that significant trade agreements with key nations remain pending, highlighting the need for resolution.