While speaking to Politico at the World Economic Forum in Davos, Bessent said, “We put 25% tariffs on India for buying Russian oil and the Indian purchases by their refineries of Russian oil have collapsed. The 25% Russian oil tariffs are still on. Later, he declared an additional 25 percent tariff, again accusing New Delhi of fueling the Ukraine war by continuing to purchase Russian oil. If Washington decides to remove the additional 25% tariff on India, only 25% tariff will be then remained. After imposition of the additional import tariff, India’s exports to the United States declined massively.

Source: dna January 24, 2026 16:25 UTC