Washington: US Treasury Secretary Scott Bessent has cautioned that secondary tariffs on India could rise further if upcoming talks between President Donald Trump and Russian President Vladimir Putin in Alaska do not yield progress.
Speaking to Bloomberg on Wednesday, Bessent said, “We put secondary tariffs on the Indians for buying Russian oil. I could see, if things don’t go well, then sanctions or secondary tariffs could go up.”
Last week, President Trump announced tariffs amounting to 50 per cent on India, including a 25 per cent duty on Delhi’s purchases of Russian oil. The new tariffs are scheduled to take effect on August 27.
Bessent emphasised that sanctions remain flexible, noting they could either be increased, relaxed, or extended indefinitely. He pointed to Russia’s so-called “shadow fleet” of tankers transporting oil worldwide, warning that Washington could tighten restrictions on this network.
On China, the biggest buyer of Russian crude, Bessent avoided specifics but remarked that Trump is “the best at creating leverage” and would make it clear to Putin that “all options are on the table.” He also urged European nations to join the US in imposing tougher secondary sanctions.
Bessent recalled that at this year’s G7 summit in Canada, he raised the possibility of a 200 per cent secondary tariff on China, but said other leaders were reluctant to commit.
Amid the escalating trade pressure, the Indian Ministry of External Affairs criticised Washington’s move, calling the targeting of India “unjustified and unreasonable.” The ministry stressed that India, as a major economy, “will take all necessary measures to safeguard its national interests and economic security.”
