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US Treasury Secretary Scott Bessent said on Wednesday that he was disappointed with Europe while commenting on the European Union’s trade agreement with India.
India and the EU finalised a “historic” free trade agreement on Tuesday, with European Commission President Ursula von der Leyen calling it the “mother of all deals.” In an interview with CNBC, Bessent said Europe had been buying refined products produced in India using Russian oil and alleged that the EU was unwilling to match US tariffs on Indian goods as it was in the midst of negotiating a trade agreement. Last year, the US imposed an additional 25 per cent tariff on India, citing the country’s purchase of Russian oil.
When asked whether the India–EU trade deal could pose a threat to the US, Bessent told CNBC, “They should do what’s best for themselves, but I find the Europeans very disappointing.”
“The Europeans were unwilling to join us (on higher tariffs), and it turns out, because they wanted to do this trade deal,” the US treasury secretary said. “So every time you hear a European talk about the importance of the Ukrainian people, remember that they put trade ahead of the Ukrainian people,” he added.
Under the trade deal, the EU will phase out tariffs on 99% of Indian exports by value over seven years, with duties on $33 billion worth of labour-intensive goods—including textiles, leather, footwear, gems and jewellery—set to be removed once the pact is signed.
European Council President Antonio Costa and European Commission President Ursula von der Leyen were also hosted by Prime Minister Narendra Modi for the India–EU Summit and both leaders attended the Republic Day celebrations as chief guests.
