US Treasury Secretary Scott Bessent has issued a warning to India concerning possible higher tariffs on its trade of Russian oil, with the final determination largely influenced by the upcoming meeting between US President Donald Trump and Russian President Vladimir Putin in Alaska on Friday. Bessent, in an interview with Bloomberg, stated that the US has levied secondary tariffs on India for its purchases of Russian oil and that these sanctions could be escalated. Earlier, on August 12, Bessent noted India’s strong position in trade negotiations with the US, describing New Delhi as ‘a bit recalcitrant,’ following a 25% tariff increase announced by President Trump related to India’s oil acquisitions from Russia. Speaking on Fox Business Network’s ‘Kudlow,’ Bessent referred to significant trade deals that remain unresolved, notably with Switzerland and India, and indicated the potential for concluding tariff negotiations by October. The US Treasury Secretary indicated that key trade agreements with major countries are pending.
