In a major development for India–US trade relations, US Treasury Secretary Scott Bessent has indicated that Washington could lift the 25% tariff imposed on India, calling the extra duty linked to Russian oil purchases a “success” that has now collapsed.
Speaking to Politico on the sidelines of the World Economic Forum in Davos, Bessent said he could “imagine a path” to removing the additional 25% tariff. Currently, India continues to face a total of 50% tariffs, imposed in phases by the Trump administration.
Adding to the positive signals, US President Donald Trump praised Prime Minister Narendra Modi as a “close friend and respected leader,” stating that India and the US are going to have a good deal.
