US Treasury Secretary Scott Bessent has hinted at a major good news potentially being on the cards for India in the coming days. Speaking at the Davos 2026 conference this week, he suggested that the Donald Trump government could cut back on the additional 25% tariff India is facing due to its purchase of Russian oil.
India still continues to face a total of 50% tariffs owing to the Trump administration’s punitive measures against countries engaging in trade with Russia despite the country’s war in Ukraine. Bessent’s latest message delivered at the Davos 2025 summit serves its purpose as a ray of hope for the South Asian, with even US President Donald Trump recently confessing both countries are “going to have a good deal.”
What Scott Bessent said about India tariffs at Davos 2026
“We put 25% tariffs on India for buying Russian oil, and the Indian purchases by their refineries… have collapsed,” Treasury Secretary Scott Bessent said at the USA House, Davos 2026 in Switzerland.
“That is a success. The 25% Russian oil tariffs are still on. I would imagine there is a path to take them off now. So that’s a check and a huge success.”
His latest remarks reiterate what he said a few days ago about Indian having “stopped” buying oil from Russia in light of Trump’s hefty tariff imposition. Speaking to Fox Business earlier this week, Bessent said, “India started buying Russian oil after the (Ukraine) conflict began, but President Trump put a 25% tariff of them and India has geared down and has stopped buying Russian oil.”
Consequently, he also addressed a bill introduced by Senator Lindsey Graham that proposed a 500% tariff on secondary purchase and reselling of Russian oil. “We will see whether that passes,” the Treasury Secretary told Fox. “We don’t believe that President Trump needs that authority, that he can do it IEEPA, but that the Senate wants to give him that authority.”
US-India trade deal still awaited
Bessent’s comments also came to light hot on the heels of Trump told Moneycontrol at Davos 2026 a “good deal” between the countries was anticipated, as he also reiterated his heavy praises of Indian Prime Minister Narendra Modi. The POTUS has continued to address Modi as a “good friend” despite chatter of a strained ties between the nations due to Trump’s heavy tariffs on India.
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