Trump-Putin Summit to Determine Future US Tariffs on Indian Oil Trade

The US government, represented by Treasury Secretary Scott Bessent, has alerted India about the possibility of escalating secondary tariffs on the nation’s Russian oil trade. This decision is largely contingent on the upcoming meeting between US President Donald Trump and Russian President Vladimir Putin, set to take place in Alaska on Friday. During an interview, Bessent stated that if the discussions do not produce favorable results, the existing sanctions or tariffs could be augmented. The United States has already implemented secondary tariffs on India for its purchases of Russian oil. On August 12, Bessent commented on India’s approach to trade talks with the US, noting their behavior as “a bit recalcitrant,” which followed President Trump’s announcement of an additional 25% tariff, connected to India’s oil purchases from Russia. Additionally, speaking on Fox Business Network’s “Kudlow,” Bessent stated that several significant trade deals remain unresolved, including with Switzerland and India, with the potential of concluding tariff negotiations by October. The US Treasury Secretary confirmed that substantial trade deals are still pending, particularly with Switzerland and India.