US Hints Lifting India Oil Tariffs

US Treasury Secretary Scott Bessent has indicated a potential rollback of the 25% tariffs imposed on India for its purchases of Russian oil. These tariffs, part of a broader 50% duty on Indian goods, were implemented by the United States to reduce India's reliance on Russian crude following the Ukraine invasion. Bessent stated that the tariffs have been a 'huge success', leading to a significant drop in Indian refinery purchases of Russian oil. He suggested a diplomatic 'path' exists to remove these tariffs if India continues to adjust its energy sourcing. Concurrently, Bessent criticized the European Union for buying refined Russian oil from India, labeling it an 'act of irony and stupidity' for indirectly financing Russia's war. He also suggested that the EU's reluctance to impose similar tariffs on India is due to its pursuit of a major Free Trade Agreement with India, which European Commission President Ursula von der Leyen has called 'the mother of all deals'. India, under its 'India First' energy policy, has maintained its stance on ensuring affordable energy for its population and has described the US tariffs as 'unfair, unjustified and unreasonable'.