The United States has notified India of the potential for increased tariffs on its trade of Russian oil, with the ultimate decision resting on the outcome of a meeting between US President Donald Trump and Russian President Vladimir Putin set for Friday in Alaska, according to US Treasury Secretary Scott Bessent. Bessent, during an interview with Bloomberg, stated that secondary tariffs imposed on India for purchasing Russian oil may be increased depending on the outcome of the US-Russia discussions. Bessent had previously commented, on August 12, on India’s firm stance during US trade negotiations, characterizing New Delhi’s approach as ‘a bit recalcitrant’ following the announcement of a 25% tariff hike by President Trump, prompted by India’s oil imports from Russia. Furthermore, Bessent, speaking on Fox Business Network’s ‘Kudlow,’ mentioned that several substantial trade agreements remain to be finalized, including those with Switzerland and India, and hinted at the possibility of concluding tariff negotiations by October. The US Treasury Secretary emphasized that there are significant pending trade deals with key nations.
