Bessent: India-US trade rift is temporary.

US Treasury Secretary Scott Bessent, speaking to Fox News, raised concerns over India’s ongoing oil trade with Russia but expressed confidence that the US-India tariff standoff would ultimately be resolved.

Referring to Prime Minister Modi’s recent meeting with Russian President Vladimir Putin at the Shanghai Cooperation Organisation (SCO) Summit, Bessent described the gathering as “a long-standing meeting and largely performative.”

“India is the most populous democracy in the world, and at the end of the day, their values are much closer to ours than to China’s and Russia’s,” he said. “I think at the end of the day, India and the US will get this solved.”

At the same time, Bessent criticised India’s role

in global energy markets, stating, “Indians have not been great actors in terms of buying Russian oil and reselling it.”

He added that “all options are open to President Trump and we will be examining additional sanctions and measures against Russia this week.”

Bessent’s remarks came just hours ahead of an expected Oval Office address. According to Bloomberg, citing a White House official, President Trump is scheduled to make the announcement at 2:00 p.m. Eastern Time (11:30 p.m. IST).

The

diplomatic strain stems from India’s continued purchase of discounted Russian crude, which Washington argues indirectly finances Moscow’s war in Ukraine.

In response, President Donald Trump doubled tariffs on Indian imports—first imposing a 25% “reciprocal” tariff, then adding another 25% as a penalty—bringing total duties to 50% from August 27, 2025.

The tariffs cover a wide array of Indian exports, including textiles, jewellery, furniture, and chemicals, raising concerns over job losses and trade diversion to rivals

such as Vietnam and Bangladesh.