U.S. Considers Easing Tariffs on India Amid Reduced Russian Oil Imports

U.S. Treasury Secretary Scott Bessent indicated the possibility of removing some tariffs on Indian imports due to decreased Russian oil purchases by India. Trade tensions arose after President Trump increased tariffs as a reaction to India's Russian oil imports, but recent data shows a significant decline.

U.S. Treasury Secretary Scott Bessent hinted at the potential removal of some 25% tariffs on Indian goods, following India's notable reduction in Russian oil purchases.

The situation escalated in August when President Donald Trump raised tariffs on Indian goods to 50%, targeting India's Russian oil imports specifically.

With India's Russian oil imports hitting a two-year low by December, Bessent's comments at the World Economic Forum suggest optimistic U.S. movement on trade tensions.

(With inputs from agencies.)