Daijiworld Media Network - Washington

Washington, Jan 25: US Treasury Secretary Scott Bessent on Friday signalled that Washington could consider rolling back the additional 25 per cent tariffs imposed on India, following a sharp fall in India’s imports of Russian crude oil.

Trade tensions between the two countries escalated in August when U.S. President Donald Trump doubled tariffs on Indian goods to 50 per cent, including a 25 per cent levy linked to India’s purchase of Russian oil.

Speaking to Politico on the sidelines of the World Economic Forum, Bessent said Indian refineries had significantly reduced their purchases of Russian oil. “Indian purchases by their refineries of Russian oil have collapsed. So that is a success. The tariffs are still on, 25 per cent tariffs for Russian oil are still on. I would imagine there is a path to take them off,” he said.

According to a Reuters report dated January 23, India’s Russian oil imports fell in December to their lowest level in two years, pushing the Organisation of the Petroleum Exporting Countries’ (OPEC) share of India’s oil imports to an 11-month high.

Bessent’s remarks come amid increased pressure from President Trump, who had earlier warned that tariffs on Indian goods could be raised further unless New Delhi curtailed its imports of Russian crude.