GG News Bureau
New Delhi 24th January :US Treasury Secretary Scott Bessent has signaled a potential shift in the Trump administration’s trade policy, suggesting a “path” exists to remove the 25% punitive tariffs currently levied on Indian goods.
Speaking at the World Economic Forum in Davos on January 23, 2026, Bessent framed the tariffs as a “huge success,” claiming they forced Indian refineries to “collapse” their purchases of Russian oil.Key Takeaways from Bessent’s RemarksSuccess of Pressure: Bessent stated that India’s imports of Russian crude—which reportedly rose to nearly 20% of its refinery intake after the Ukraine invasion—have plummeted following the US imposition of a 25% tariff.
The “Path” Forward: While the 25% tariff (part of a larger 50% total tariff burden on India) remains in place, Bessent hinted it could be rolled back if India continues to shift its energy sourcing away from Russia.
Criticism of the EU: He labeled European countries “ironic and stupid” for buying refined petroleum from India made from Russian crude, accusing them of “financing the war against themselves.”The Geopolitical ContextThis development occurs at a volatile intersection of US, Indian, and European interests:FactorCurrent StatusTotal US TariffsIndia currently faces a 50% total tariff on many exports, doubled by President Trump in August 2025.Proposed 500% DutyA bipartisan bill in Congress, “greenlit” by Trump and promoted by Senator Lindsey Graham, threatens a 500% tariff on countries still buying Russian oil or uranium.EU-India SummitEuropean Commission President Ursula von der Leyen is arriving in New Delhi (Jan 25–27) to finalize the “mother of all deals”—a historic Free Trade Agreement.India’s StanceNew Delhi maintains an “India First” policy, insisting on its right to secure affordable energy for its 1.4 billion citizens.
