US treasury secretary Scott Bessent on Wednesday said he was disappointed with Europe, while speaking about the European Union's trade deal with India.
Bessent said Europe had been purchasing refined products made in India with Russian oil supplies. (Bloomberg)
India and the EU concluded a “historic” free trade agreement on Tuesday, one that European Commission President Ursula von der Leyen termed the “mother of all deals.”
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In an interview with CNBC, Bessent said Europe had been purchasing refined products made in India with Russian oil supplies. He further alleged that EU had been unwilling to match US tariffs on Indian goods because they were negotiating a trade agreement.
The US had, last year, imposed additional 25 per cent tariffs on India, while citing the purchase of Russian oil.
“They (Europe) should do what's best for themselves, but I will tell you, I found, I find the Europeans very disappointing,” Bessent told CNBC when asked whether the India-EU trade deal would threaten the US.
“The Europeans were unwilling to join us (on higher tariffs), and it turns out, because they wanted to do this trade deal,” the US treasury secretary said. “So every time you hear a European talk about the importance of the Ukrainian people, remember that they put trade ahead of the Ukrainian people,” he added.
EU to eliminate tariffs on 99% of Indian exports
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Under the trade deal, the EU will eliminate tariffs on 99% of Indian exports by value over seven years, with duties set to be cut away on $33 billion in labour-intensive goods including textiles, leather, footwear, gems and jewellery as soon as the pact is signed
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Under the trade deal, the EU will eliminate tariffs on 99% of Indian exports by value over seven years, with duties set to be cut away on $33 billion in labour-intensive goods including textiles, leather, footwear, gems and jewellery as soon as the pact is signed
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Meanwhile, India will also cut tariffs on 96.6% of EU exports, with almost one-third reductions becoming effective immediately when the pact becomes operational in early 2027, according to an earlier HT report.
European Council President Antonio Costa and European Commission President Leyen were also hosted by Prime Minister Narendra Modi for the India-EU Summit. Both leaders were also chief guests at Republic Day celebrations.
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Home/India News/US treasury secretary Bessent calls India-EU deal ‘disappointing’, says Europe put ‘trade ahead of Ukraine’
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