Trump Tariffs: US Gives First Signs Of Climbdown - ‘Will Come Together’

US Treasury Secretary Scott Bessent has said that the Trump administration’s 50% tariff on Indian imports is not solely tied to India's purchases of Russian crude oil but reflects broader challenges in the bilateral trade relationship.

Speaking in an exclusive interview with Fox Business, Bessent acknowledged the strain in US-India economic ties but expressed confidence that the two countries would ultimately find common ground. 

“India is the world’s largest democracy; the US is the world’s largest economy. At the end of the day, we will come together,” he stated. 

Bessent noted that talks toward a comprehensive trade agreement have been moving at what he described as a “slow pace”. 

According to Bessent, negotiations began soon after what he referred to as “Liberation Day,” but Washington feels New Delhi has been “keeping us tapped along.” He also raised concerns over India’s continued purchase of discounted Russian crude oil, which he said had allowed Indian refiners to profit while complicating U.S. efforts to tighten sanctions on Moscow.

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“We still don’t have a deal. I thought we would have one by May or June. India’s approach has been performative, and while they began negotiating soon after liberation day, they’ve kept us tapped along. there’s also the issue of Russian crude purchases, which they have been profiteering on,” he told the news channel. 

At the same time, the Treasury Secretary stressed that the tariff dispute should not be viewed through the narrow lens of energy trade. “This is a complicated relationship, and it’s not just about Russian oil,” he underlined.

The remarks come at a time when Washington has imposed 50% tariffs on Indian exports as part of a wider reset of trade policy. New Delhi has so far resisted retaliatory measures of similar scale, while continuing to press for an easing of US duties on sectors such as steel, textiles, and IT services.

Despite the tensions, Bessent underscored the importance of leadership-level ties between President Donald Trump and Prime Minister Narendra Modi. “There is strong rapport at the top level,” he said, suggesting that personal chemistry between the leaders could help bridge gaps that technical negotiators have struggled to resolve.