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.
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.
Bessent’s remarks came amid heightened pressure from Trump, who earlier warned that tariffs could increase further unless India curtails its Russian oil purchases.
