Delhi, January 24: On Friday, U.S. Treasury Secretary Scott Bessent indicated likely withdrawal of 25% taxes imposed on Indian imports because of easement in imports of Russian crude in India.
Relation ties of US and India were loosened when President Trump in august of 2025 pressed 50% of tariffs as well as an additional 20% in reaction to India’s high import demands from Russian market for crude.
“Indian purchases by their refineries of Russian oil have collapsed. So that is a success. The tariffs are still on, 25% tariffs for Russian oil are still on. I would imagine there is a path to take them off,” Bessent said in an interview with Politico at the World Economic Forum.
Russian imports into India have reached its lowest in 2 years. Whereas, OPEC’s share of India’s oil imports to an 11-month high. U.S. Treasury Secretary’s comments followed immense pressure from Trump, who publicly cautioned that tariffs could be raised higher if India doesn’t co-operate or does not push back from Russian oil.
Source: Reuters
Also Read|At Davos 54th WEF Meet, India Lays Out New Oil Strategy as Russian Imports Ease
