US Treasury Secretary Bessent: Trade team ‘frustrated’ over negotiations with India
In an interview with CNBC, Bessent remarked that the US President and the whole trade negotiation team have been frustrated with India. Furthermore, Bessent pointed out that “India has also been a big buyer of Russian oil, which they then resell as refined products.” In that context, “they have not been a great global actor,” he commented.
Along with the tariff announcement, Trump also announced a “penalty” against India for its trade ties with Russia.
On any potential further negotiations with India ahead of the August 1 deadline, Bessent said that “it will be up to India,” hinting at the latter having to make the first move for things to roll again.
Meanwhile, sources have told CNBC-TV18 that India is unlikely to “jump the gun” before more clarity emerges in what remains a dynamic situation. There is still no confirmation on the exact penalties or associated duties until formal notifications are issued by the US government, the sources said.
For now, the sixth round of negotiations for the first tranche of a Bilateral Trade Agreement (BTA) between India and the US remains scheduled for August 25. Meanwhile, discussions on bilateral trade are expected to continue in virtual mode.
Also read: Trump 25% Tariff On India: Gokaldas Exports, other textile stocks fall up to 7%
Union Minister Piyush Goyal briefed the Parliament today on the US tariffs, explaining that the Commerce Ministry is assessing the impact of the tariffs. The government will take all necessary steps to safeguard our national interest, he added.
Separately, President Donald Trump signed an executive order on July 30, imposing a total tariff of 50% on imports from Brazil, which includes an additional 40 percentage points over an existing 10% baseline.
