“We’ve put secondary tariffs on Indians for buying Russian oil… If things don’t go well, sanctions or secondary tariffs could go up,” Bessent told Bloomberg TV on Wednesday.
US Treasury Secretary Scott Bessent has warned that Washington could raise secondary tariffs on India depending on the outcome of President Donald Trump’s meeting with Russian President Vladimir Putin in Alaska on Friday.
“We’ve put secondary tariffs on Indians for buying Russian oil… If things don’t go well, sanctions or secondary tariffs could go up,” Bessent told Bloomberg TV on Wednesday.
Earlier this month, Trump imposed a 25% penalty in addition to existing 25% tariffs on Indian goods over its purchases of Russian oil and weapons. The new 50% tariff rate, set to take effect on August 27, is expected to hit India’s export industries hard.
Bessent urged European allies to join in the sanctions, as Delhi’s increased Russian crude imports — rising from 3% in 2021 to up to 40% in 2024 — strain ties.
Trade talks are scheduled to resume on August 25, though experts warn tensions could derail progress.