US Treasury Secretary Scott Bessent has remarked that India has been “a bit recalcitrant” during ongoing trade negotiations with the United States. His comments come shortly after President Donald Trump warned of an additional 25 percent tariff on Indian imports, citing New Delhi’s continued purchase of oil from Russia.
The two countries are in talks prior to the August 27 deadline, when the second instalment of the import duties threatened by Trump is to be imposed.
In a Reuters report, Bessent explained that there are several key trade agreements that are still pending, including those with Switzerland and India. He singled out India's attitude in the negotiations as being less cooperative.
Talking to Fox Business Network's Kudlow, Bessent was optimistic that the Trump administration would be able to wrap up these talks by 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 the 50 percent duties declared by US President Donald Trump on Indian imports came into effect on August 7, with the other half scheduled to be implemented on August 27.
Ahead of the second phase of levies, India is said to be weighing the possible effects of tariffs in talks with exporters and other players, as well as considering alternative trade alliances to offset losses.
The Union Ministry of Finance informed Parliament on Tuesday that over half of India's overall merchandise exports to the US—by value—would be impacted by the retaliatory tariff actions.
“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.
India has indicated that its relationship with the U.S. is broad and with trade only one element supported by the overall relationship.
On the other hand, President Donald Trump referred to India as Russia's "largest or second-largest oil buyer," boasting that his tariff decision has dealt a crushing blow to their 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.
Prime Minister Narendra Modi is expected to visit New York next month to attend a United Nations General Assembly (UNGA) session in relation to September 23, where US President Donald Trump will also take the podium.
This will be PM Modi's second trip to the United States in 2025, having also traveled in February to meet with Trump at the White House for bilateral discussions.
Read also| PM Modi likely to visit US next month to address UN General Assembly
