Did EU Avoid Tariffs on India for ‘Big Trade Deal’? Trump Aide’s Big Claim

The United States has claimed that the European Union deliberately avoided imposing tariffs on India over Russian oil imports to avoid jeopardising ongoingtrade deal talks. India and the EU are likely to announce the closure of negotiations for aFree Trade Agreement (FTA) this week. US Treasury Secretary Scott Bessent criticised Europe for not imposing tariffs on India. “Our virtue-signalling European allies refused to do it (impose tariffs) because they wanted to sign this big trade deal with India,” US Treasury Secretary Scott Bessent said in an interview with Politico.He also accused Europe of funding Russia’s war by purchasing the oil refined in India. "...In the ultimate act of irony and stupidity, guess who was buying the refined products

from the Indian ….refineries made from Russian oil. the Europeans. They… are financing the war against themselves,” he said. When asked if he called the Europeans “stupid”, Bessent said, “I said there was an act of stupidity.”United States President Donald Trump has imposed 50 per cent tariffs on India, including 25 per cent for its purchases of Russian oil, leading to a strain in the bilateral ties between the two countries last year. India had described the US action as "unfair, unjustified and unreasonable" while maintaining that its energy policy is guided by its own national interest.

US to Roll Back 25% Tariff on India?

Bessent hinted at rolling back the duties imposed by the Trump administration on India soon. There is a “path” to remove the 25 per cent tariffs imposed on India for buying Russian oil, noting that such purchases by Delhi from Moscow have “collapsed”, he said. “We put 25 per cent tariffs on India for buying Russian oil. And the Indian purchases by their refineries of Russian oil have collapsed. So that is a success. The tariffs are still on. The 25 per cent Russian oil tariffs are still on,” Bessent said in an interview with Politico. “I would imagine that there is a path to take them off. So that's a check and a huge success,” he added.

India-EU Free Trade Agreement

European Commission President Ursula von der Leyen kick-started her four-day visit to India on Saturday. President of the European Council Antonio Costa and von der Leyen will hold summit talks with Prime Minister Narendra Modi in New Delhi on January 27. At the summit, India and the EU are set to announce the conclusion of the much-awaited free trade agreement and firm up a strategic defence partnership pact and a framework for mobility of Indian professionals.