US Treasury Secretary Scott Bessent signalled the potential withdrawal of additional 25 per cent tariffs on India following a sharp reduction in Indian imports of Russian oil. “Indian purchases by their refineries of Russian oil have collapsed. The tariffs are still on, 25 per cent tariffs for Russian oil are still on. India’s imports of cheaper Russian oil in December dropped to their lowest in two years, lifting OPEC’s share of Indian oil imports to an 11-month high. Bessent’s remarks came amid heightened pressure from Trump, who earlier warned that tariffs could increase further unless India curtails its Russian oil purchases.

Source: The Telegraph January 25, 2026 04:36 UTC