Reduce Tariffs: US Hints At Halving Duties On India
- Reduce tariffs talks gain pace amid India US trade deal
- Reduce tariffs signal follows comments on Russian oil imports
Hyderabad: The United States has indicated a possible move to reduce tariffs on India, with a senior official hinting that duties could be cut by half. The signal has drawn attention as reports suggest that a trade deal between India and the US is in its final stages. The development follows recent comments by US Treasury Secretary Scott Bessent, which have added fresh momentum to discussions on reducing tariffs.
According to the input, Scott Bessent hinted at the possible reduction while speaking to international media. His remarks came at a time when India and the US are reportedly close to finalising a trade agreement. The comments have therefore gained significance, especially as tariff issues remain a key part of bilateral trade talks.
Meanwhile, in the interview, US Secretary of State Scott Besant spoke about tariffs imposed on India in the past. He said Indian refineries had significantly reduced their purchases of Russian oil. He recalled that this was the main reason for imposing tariffs on India last year. He stated, “Russian oil purchases have significantly reduced. This is a success for us.” He further added, “Although the tariffs imposed at that time are still in place, there is a chance that they will be removed.”
The background to the issue dates back to August last year. At that time, US President Donald Trump imposed tariffs on several countries across the world. Later, citing Russian oil purchases, he doubled the tariffs on India to 50 percent. These measures became a major point of friction in trade relations between the two countries.
However, differing views have emerged from US officials in recent days. Daily announcements related to India have become a topic of discussion. Recently, Commerce Secretary Howard Lutnick said that a trade deal with India was stalled at the last minute. He said the deal did not move forward because Modi did not call Trump even though it was in the final stages. He also said that under the terms of the deal, there was little chance of reaching an agreement. In contrast, Scott Besant made positive comments, which have raised hopes that tariffs could be reduced.
Therefore, the hint to reduce tariffs has renewed focus on the broader India US trade deal. Observers are now watching closely to see whether these signals translate into formal action in the coming days.
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