US Treasury Secretary Bessent Discusses Tariffs and Trade with India

Scott Bessent, the United States Treasury Secretary, has addressed the complex relationship between the US and India, asserting that the 50% tariff on Indian imports is influenced by broader trade issues, not just India’s purchases of Russian crude oil. In an exclusive interview with Fox Business, Bessent expressed both concern and optimism regarding the bilateral economic ties, emphasizing that the two nations will ultimately find common ground.

Bessent remarked on the slow progress of negotiations towards a comprehensive trade agreement, noting, “We still don’t have a deal. I thought we would have one by May or June.” He characterized India’s negotiating tactics as often “performative” rather than substantive, indicating a need for more meaningful engagement.

Negotiations reportedly began shortly after what Bessent referred to as “Liberation Day,” yet he expressed frustration that New Delhi appears to be delaying progress. He specifically pointed out the issue of India’s continued acquisition of discounted Russian crude oil, which he argued enables Indian refiners to profit and complicates US efforts to impose sanctions on Moscow.

“This is a complicated relationship, and it’s not just about Russian oil,” Bessent emphasized. The current situation has seen Washington impose significant tariffs as part of a broader reassessment of trade policy, while India has resisted retaliatory measures of a similar scale. The Indian government continues to advocate for the easing of US tariffs on various sectors, including steel, textiles, and information technology services.

Despite the ongoing tensions, Bessent highlighted the importance of high-level relationships between President Donald Trump and Prime Minister Narendra Modi. He noted, “There is strong rapport at the top level,” suggesting that personal chemistry between the leaders could facilitate resolutions that technical negotiators have struggled to achieve.

As the US and India navigate their trade relationship, the focus remains on finding a balance that addresses both economic interests and geopolitical considerations.