US Slams EU Over India Trade Deal, Backs Tariffs on Russian Oil Amid Ukraine Conflict

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The US is expressing frustration over the European Union's (EU) recent trade deal with India, just as negotiations between India and the US are still underway. US Treasury Secretary Scott Bessent criticized the EU for finalizing the deal, saying that the US has made significant sacrifices in its efforts to end the Russia-Ukraine conflict. In an interview, Bessent pointed out that the US has imposed 25% tariffs on India for buying Russian oil, while the EU has signed a trade deal with India. He argued that the EU is essentially financing the war against itself by buying refined products from India, which were originally produced from Russian oil. Bessent's comments mark a shift in his stance on the US tariffs imposed on India. Earlier, he had suggested that the tariffs could be lowered if refineries in India reduced their purchase of Russian oil. However, there has been no official communication from India on this matter. The EU and India have concluded negotiations on a Free Trade Agreement (FTA), which is set to be announced on Tuesday at the 16th India-EU Summit. The summit talks will be held between European Commission President Ursula von der Leyen, President of the European Council Antonio Costa, and Prime Minister Narendra Modi. The FTA could be a significant boost for Indian exports, including textiles and jewelry, which are currently impacted by the US tariffs. The US tariffs were imposed as a penalty for India's oil trade with Russia, with half of the tariffs announced in April and the other half imposed in August.