US Treasury Secretary Scott Bescent. File | Picture Credit score: Reuters
Describing India-US relations as “very sophisticated,” U.S. Treasury Secretary Scott Bescent (August 27, 2025) hoped that “on the finish of the day, we shall be collectively.”
“It is a very sophisticated relationship. President (Donald) Trump or Prime Minister (Narendra) Modi has an excellent relationship at that degree. And it isn’t simply Russian oil,” Bescent mentioned in an interview. Fox Enterprise.
Emphasizing that India is the world’s largest democracy and the US is the world’s largest financial system, he mentioned, “I believe we’ll be collectively on the finish of the day.”
His feedback come hours after an extra 25% tariff imposed by Trump on Russian oil purchases got here into impact, bringing the overall taxes imposed on New Delhi to 50%.
On Monday, Prime Minister Modi argued that he couldn’t compromise on the pursuits of farmers, cattle breeders and small industries, warning that “stress on us might enhance, however we are going to bear it.”
Becent mentioned he thought the commerce cope with India was one of many first Washington would signal, however that was not taking place.
“The Indians got here very early after the discharge date to start negotiations on tariffs, however we nonetheless haven’t got a deal,” he mentioned. On April 2, 2025, Trump mentioned Washington introduced that it might impose swept tariffs on international locations world wide.
Becent added that he thought “we’ll do enterprise” with India in Might and June. “I assumed India could possibly be one of many earlier offers, and so they tapped us from a negotiation perspective, and there is additionally the Russian oil buy facet.
He mentioned, “I will come collectively on the finish of the day.”
“I believe a variety of that by the Indians had a efficiency… I have been saying this all alongside in the course of the tariff negotiations, the US is a rustic with a deficit,” he mentioned.
He mentioned that international locations with deficits are advantageous when there’s a “splitting” in commerce relations. “It is the excess nation that worries me. So Indians promote to us, they’ve very excessive tariffs and now we have a really large deficit with them.”
When requested if India was nervous about establishing commerce with rupee, Bescent mentioned, “There are a variety of issues I am nervous about. The rupee is just not certainly one of them. I do not assume the rupee has been round for some time,” Bescent mentioned.
He additional mentioned the US may use “extra fuller” assists from European companions as President Trump is attempting to finish a battle in Ukraine that he would by no means have began if he have been president.
“Our European allies must step up. I do not see them threatening Indian tariffs. In truth, they purchase refined merchandise constructed from Russian oil.”
Trump has introduced a 25% mutual tariff on India, which got here into impact on August seventh, when round 70 different international locations started tariffs. On August 7, the US President doubled tariffs on Indian items to 50% to purchase Russian crude oil, however gave him a 21-day window to barter the contract.
