US Treasury Secretary Scott Bessent issued a warning to India, stating that secondary tariffs on the Russian oil trade may rise, but this largely depends on the outcome of US President Donald Trump’s meeting with Russian President Vladimir Putin in Alaska on Friday.
While speaking during an interview with Bloomberg, Bessent said, “We have imposed secondary tariffs on India for purchasing Russian oil, and if things don’t go well, those sanctions or tariffs could be increased.”
On August 12, Bessent stated that India has been headstrong in their trade negotiations with the US, noting that New Delhi has been “a bit recalcitrant”, days after US President Donald Trump announced an additional 25 per cent tariff, citing the country’s oil purchase from Russia.
Speaking to Fox Business Network’s “Kudlow”, Bessent also stated that there were still some “big trade deals” yet to be done or agreed upon, including Switzerland and India, acknowledging the possibility of concluding tariff negotiations by October.
“There are big trade deals that aren’t done and aren’t agreed. Switzerland is still around; India has been a bit recalcitrant. I think we have agreed on substantial terms with all the substantial countries,” the US Treasury Secretary stated.
