The United States may reduce tariffs on India by 25 percent, according to statements from US Treasury Secretary Scott Bessent.
Background of the Tariffs
The Trump administration had imposed additional tariffs of 25 percent on India to discourage its purchase of Russian crude oil. The current tariff rate for Indian exports to the United States stands at 50 percent.
US Official Comments
In a recent interview, Scott Bessent confirmed that India has cut down its Russian oil imports. He said, "We imposed 25 percent tariffs on India for buying Russian oil.However, India has reduced its purchases of Russian oil. The reduction of Russian oil purchases represents a major accomplishment. The tariffs are still in effect. I believe they will find a solution to eliminate them.
This statement suggests that the US may soon consider decreasing its tariffs on Indian exports through partial or complete tariff removal.
Current Situation
The reduction would create trade opportunities for Indian exporters through decreased trade barriers yet official approval remains missing.
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