US Treasury Sees Path to Remove Tariffs on Indian Oil Amid Trade Dynamics

US Treasury Secretary Scott Bessent has revealed there is a 'path' to lifting the 25% tariffs imposed on India for its purchase of Russian oil. These sanctions, introduced under President Donald Trump, have led to a sharp decline in India's Russian oil imports, which Bessent labeled as a 'success'.

However, Bessent criticized European nations for their reluctance to impose similar tariffs, accusing them of financing Russia's war efforts through their oil dealings with India. Despite the tension, India and the EU seem poised to conclude negotiations on a Free Trade Agreement soon.

Beyond the tariffs, Bessent addressed the broader reordering of the global economy under Trump's policies, highlighting a shift towards fairer trade relations and substantial US investment inflows. Increasing dialogues with China are also fostering stability, with mutual commitments to trade agreements.