Trump tariff risk: India ‘recalcitrant’ in trade talks, says US treasury chief; deal likely by October

US Treasury Secretary Scott Bessent

US Treasury Secretary Scott Bessent on Tuesday mentioned India has been headstrong in ongoing trade negotiations with Washington, describing New Delhi as “a bit recalcitrant.” His remarks got here days after President Donald Trump introduced an extra 25 per cent tariff on Indian imports, citing the nation’s Russian oil purchases. Bessent mentioned talks are persevering with with some nations, particularly mentioning Switzerland and India, and expressed hope of concluding tariff discussions by October. “There are big trade deals that aren’t done and aren’t agreed. Switzerland is still around; India has been a bit recalcitrant. I think we have agreed on substantial terms with all the substantial countries,” mentioned Bessent, talking to Fox News Business Network’s “Kudlow”. When requested about the potential of concluding tariff negotiations by October, he added, “That’s aspirational. I think we’re in a good position.”Also read: PM Modi likely to visit New York, UNGA address on cards; trip amid Trump tariff row

50% Tariff threat

On August 6, Trump authorised an executive order imposing the additional 25 per cent duty, bringing the total tariff on Indian goods to 50 per cent. The White House said the move was based on national security and foreign policy concerns, arguing that India’s Russian oil imports pose “an unusual and extraordinary threat” to the United States. The new tariff takes impact on August 27.Also learn: India exports technique: Focus shifts to 50 nations; plan goals to offset US tariff blow The Ministry of External Affairs called the decision “unfair, unjustified and unreasonable” and said New Delhi would take necessary steps to protect its national interests. The US move follows the implementation of a 25 per cent reciprocal tariff on Indian goods from August 7. Trump has insisted that trade talks with India will remain on hold until the tariff dispute is settled. Asked by ANI at the Oval Office if dialogue could resume following the hike to 50 per cent, he replied: “No, not until we get it resolved.”As of now, India is facing 25% tariffs with additional 25% set to go in effect from August 27.