US Signals Possible Tariff Relief for India as Russian Oil Imports Fall
The United States may consider easing additional tariffs on Indian goods after a sharp decline in India’s imports of Russian crude oil, U.S. Treasury Secretary Scott Bessent indicated on Friday. Speaking at the World Economic Forum, Bessent said India’s reduced purchases of Russian oil marked a “success,” opening a potential pathway to roll back the extra 25% tariff imposed over those imports, according to a Reuters report.
Trade tensions between the two countries escalated in August when U.S. President Donald Trump doubled tariffs on Indian goods to 50%, which included a 25% levy linked specifically to India’s Russian oil purchases. Bessent noted that while the tariffs remain in place for now, the collapse in Russian oil buying by Indian refiners could lead to their removal in the future.
Data cited by Reuters showed that India’s Russian oil imports fell in December to their lowest level in two years, pushing the share of OPEC crude in India’s import basket to an 11-month high. Bessent’s comments come amid continued pressure from Trump, who has warned that tariffs could be raised further unless India significantly curtails its reliance on Russian oil.
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