US hints at rolling back 25% tariff on India over Russian oil: 'There is a path'
India
M
Moneycontrol•24-01-2026, 12:44
US hints at rolling back 25% tariff on India over Russian oil: 'There is a path'
- •US Treasury Secretary Scott Bessent indicated a possible reduction of the 25% tariff on India.
- •The tariff was imposed by the Trump administration to discourage India's purchase of Russian oil after the Ukraine invasion.
- •Bessent noted a significant 'collapse' in Indian refiners' purchases of discounted Russian crude.
- •He views the shift as a success of the tariff policy and sees a 'path to take them off'.
- •India still faces a total of 50% tariffs due to Trump-era measures, despite Trump calling PM Modi a 'friend'.
Why It Matters: US signals potential relief for India from 25% tariff as Russian oil purchases decline.
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