The US Treasury Secretary Scott Bessent has informed India of the potential for increased tariffs concerning its trade in Russian oil. The final decision is heavily influenced by the upcoming meeting between US President Donald Trump and Russian President Vladimir Putin in Alaska this Friday. During an interview with Bloomberg, Bessent mentioned that the existing sanctions or tariffs could be increased if the discussions do not go well. The US has already imposed secondary tariffs on India for buying Russian oil. Bessent, on August 12, described India’s behavior during trade negotiations with the US as “a bit recalcitrant,” shortly after President Trump announced an additional 25 percent tariff, specifically related to India’s oil purchases from Russia. Speaking on Fox Business Network’s “Kudlow,” Bessent also pointed out that there are significant trade deals yet to be finalized, including those with Switzerland and India, while suggesting that tariff negotiations could be completed by October. The US Treasury Secretary highlighted the unfinished trade deals, with Switzerland and India still being under negotiation.
