US Considers Cutting India Tariffs by 25% Amid Shift in Russia Oil Purchases
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The US may lower its 50% tariffs on Indian imports by 25%, a development that has sparked renewed hope in ongoing trade negotiations between the two nations. US Treasury Secretary Scott Bessent hinted at the possibility, citing a significant drop in Indian refineries' purchase of Russian oil as a key factor. According to Bessent, India's energy ties with Russia led to the doubling of US tariffs on Indian imports to 50% in August 2025. However, he noted that the tariffs remain in place, but a path for their removal may now exist. Bessent's statement suggests that the India-US trade talks may be gaining momentum, contrary to previous reports that a deal had fallen through. The US has previously claimed that India has reduced its oil trade with Russia, with President Trump making a similar assertion in November. However, India has never officially confirmed these claims. The latest remarks by Bessent have reignited speculation about the current state of India-Russia energy trade. The development comes as a new US ambassador to India, Sergio Gor, confirmed that trade negotiations between the two countries are ongoing. The possibility of lower US tariffs for India has been met with optimism, but the situation remains uncertain until a formal announcement is made.
