India Faces US Tariff Threat on Russian Oil Purchases, Dependent on Trump-Putin Summit

US Treasury Secretary Scott Bessent has issued a warning to India, suggesting that secondary tariffs on Russian oil trade might be raised. The ultimate decision is closely tied to the outcome of the meeting between US President Donald Trump and Russian President Vladimir Putin, set to occur in Alaska on Friday. In an interview with Bloomberg, Bessent stated that if the meeting’s outcomes are not positive, the current sanctions or tariffs imposed on India could be intensified. The US has already implemented secondary tariffs targeting India due to its procurement of Russian oil. Bessent had previously noted India’s resistance in trade discussions with the US, describing their stance as “a bit recalcitrant” just days after President Trump declared an extra 25% tariff, citing India’s oil imports from Russia. Appearing on Fox Business Network’s “Kudlow,” Bessent also mentioned that certain major trade deals are still pending, including those with Switzerland and India, expressing hopes that tariff negotiations could be concluded by October. The US Treasury Secretary confirmed that important trade deals remain unsettled, particularly with Switzerland and India.