US treasury secretary Scott Bessent has claimed that India had been “a bit recalcitrant” in trade talks with America. Bessent's remarks come days after President Donald Trump threatened additional25 per cent tariffs on Indian imports, citing the country's oil purchase from Russia.
India and the US are reportedly engaged in trade negotiations ahead of the August 27 deadline for imposition of the remaining half of the import duties Trump has threatened.
Bessent has said large trade agreements are still awaited, including with Switzerland and India, reported news agency Reuters, which added that Bessent singled India out, saying the country had been "a bit recalcitrant" in the ongoing talks.
He also reportedly told Fox Business Network's "Kudlow" that trade negotiations could be wrapped up by the Trump administration by the end of October.
"That's aspirational, but I think we are in a good position," he was quoted as saying by Reuters. "I think we can be, we will have agreed on substantial terms with all the substantial countries," Bessant added.
Half of Trump's 50 per cent tariffs threatened on Indian goods have come into force on August 7, and the remaining are set to take effect on August 27.
{{/usCountry}}Half of Trump's 50 per cent tariffs threatened on Indian goods have come into force on August 7, and the remaining are set to take effect on August 27.
{{/usCountry}}Ahead of that deadline, India is reportedly reviewing the tariff impact in consultation with exporters and other stakeholders, while also exploring alternative trade partnerships.
The Union finance ministry informed Parliament on Tuesday that over half of the total export value of India’s merchandise to the US will see an impact due to the reciprocal tariffs.
“It is estimated that around 55% of the total value of India’s merchandise exports to the US is subject to this reciprocal tariff,” Union minister of state for finance Pankaj Chaudhary said in a written response to Lok Sabha MP Abhishek Banerjee.
However, India maintains that the relationship it shares with the US is broad, with trade just being one part of it.
Meanwhile, Donald Trump referred to India as Russia's “largest or second-largest oil buyer”, saying his tariff move has dealt a huge blow to the Russian economy.
"...They have tremendous potential in Russia to do well. They're not doing well. Their economy is not doing well right now because it's been very well disturbed by this," Trump said.
Meanwhile, Prime Minister Narendra Modi is expected to visit New York next month to attend a session of the United Nations General Assembly (UNGA) that Donald Trump will also address on September 23.
This would be the Prime Minister's second visit to the US this year, the first being in February, when he travelled for a bilateral meeting with Trump at the White House.