POSITIVE FOR INDIAN MARKETS
US may cut India tariffs by 25%, hints Trump aide, says 'Russian oil purchases have collapsed
Treasury Secretary Scott Bessent during an interview claimed that refineries in India have significantly cut down on the purchase of Russian oil, an issue which was cited as reason for the US doubling tariffs on India back in August last year.
“We put 25% tariffs on India for buying Russian oil. And the Indian purchases, by their refineries, of Russian oil have collapsed. That is a success,” Bessent said in an interview with Politico posted on Friday
He further acknowledged that the tariffs on India remain imposed but hinted that the US admin may take them off. “The tariffs are still on. I would imagine there is a path to take them off,” Bessent said