US Treasury Secretary Scott Bessent on Wednesday warned that Washington could raise secondary tariffs on India if the upcoming talks between President Donald Trump and Russian President Vladimir Putin in Alaska “don’t go well.”
The two leaders are set to meet on August 15 in a bid to end the war in Ukraine, triggered by Russia’s invasion in February 2022. In an interview with Bloomberg TV, Bessent said the US had already imposed secondary tariffs on India for buying Russian oil, and hinted at further hikes depending on the outcome of the Alaska summit.
Trump has already doubled tariffs on Indian goods, raising them from 25 per cent to 50 per cent on August 7, citing India’s purchase of Russian oil.
Prime Minister Narendra Modi responded firmly, stating that India would not compromise on farmers’ interests even if it led to economic consequences. The Ministry of External Affairs also rejected Trump’s move, calling the tariffs “unfair, unjustified and unreasonable.” India reiterated that its oil imports are based on market needs and ensuring energy security for its 1.4 billion citizens.
Modi also spoke with Ukrainian President Volodymyr Zelensky earlier this week, emphasising India’s commitment to a peaceful resolution of the conflict.