Washington DC, January 24, 2026 – Trump may reduce tariffs AmericaFinance Minister Scott Besant has given a big statement regarding reducing the 50 percent tariff imposed on India by President Donald Trump. The Finance Minister has indicated that the US government may consider withdrawing half the tariff (25 percent) out of the 50 percent tariff imposed on India. He attributed this to the huge decline in India’s purchase of crude oil from Russia in the last few months.
In an interview given to American media ‘Politico’, Finance Minister Scott Besant said, Russian oilIndia’s move to reduce imports has created a favorable situation for relaxation in at least 25 percent tariff imposed on Indian goods.
He said, ‘America attacked India in two phases. Tariff Ladya, where the first 25 percent tariff was imposed due to the alleged trade imbalance between the two countries. On the other hand, America had imposed an additional 25 percent tariff on India as punishment for continuing to purchase crude oil from Russia. This step was taken at a time when Washington was trying to increase economic pressure on Moscow.
What did the Finance Minister say on India’s oil purchase from Russia?
finance minister Scott Besante told Politico, ‘Our 25 percent tariff on India has been very successful. The purchase of Russian oil from India has almost ended. Although the tariff is still in force, I think there may now be a way to remove it.
EU’s trade deal with India
He also claimed that european union (EU) has not imposed tariffs on India because it wants to make a big trade agreement with New Delhi. Along with this, he criticized Europe and said that it is purchasing refined energy products from India, which he termed as foolishness.
India has stopped taking oil from Russia: Besant
US Finance Minister Besant was held in Davos, Switzerland last week. World Economic ForumWhile talking to Fox News during the meeting, he said that India, the world’s third largest oil importer, has significantly reduced the purchase of oil from Russia.
He had claimed that after the conflict started, India had started buying crude oil from Russia, but President Trump had imposed 25 percent tariff on it. After that India gradually reduced its purchases and now it has stopped buying oil from Russia.
61,000 appointment letters awarded in the 18th employment fair at 45 places including Gandhinagar
-
Rescue efforts continue after fire breaks out at furniture store in Hyderabad
-
27-yr-old Hyderabad man dies by suicide, blames ex-girlfriend in note
-
Mark Carney calls for ‘buy Canadian’ in response to Trump’s new tariff threat
-
Special voter registration camps in Chennai today at 4,097 polling stations
-
Republic Day 2026: Interesting Facts About January 26 You Probably Didn’t Know
