Washington [US], July 31 (ANI): United States Treasury Secretary Scott Bessent has criticized India for stalling progress in Free Trade Agreement (FTA) negotiations and accused the country of not being a responsible global actor. Speaking to CNBC’s Squawk Box, Bessent said the US trade team has been “frustrated” with India’s approach, particularly regarding its energy ties with Russia.
“I don’t know what’s gonna happen. It’ll be up to India. India came to the table early. They have been slow-rolling things. So the President, the whole trade team, has been frustrated with them,” Bessent stated. He also noted that India had been a significant buyer of sanctioned Russian oil, refining and reselling it as petroleum products. “They have not been a great global actor,” he added.
His comments came a day after US President Donald Trump announced a 25 percent tariff on Indian imports and an unspecified penalty over India’s continued purchases of Russian oil. The new tariffs will come into effect on August 1.
During a press conference at the White House marking the signing of a congressional bill, Trump reiterated the high tariff barriers posed by India, calling them among the highest in the world. “India was one of the highest tariff nations—100 points, 150 points, even 175 per cent or more,” Trump said in response to a question from ANI.
Trump further emphasized the ongoing trade talks with India, despite the imposition of tariffs. He also referred to India’s membership in the BRICS grouping, calling it a coalition “basically anti-United States,” and accused it of undermining the US dollar’s global status. “It’s an attack on the dollar, and we’re not going to let anybody attack the dollar,” he said.
Despite the sharp rhetoric, Trump referred to Prime Minister Narendra Modi as a “friend,” indicating a continued openness to trade dialogue.
Reacting to the developments, Indian Commerce and Industry Minister Piyush Goyal told Parliament on Thursday that the government is closely examining the impact of the tariffs and will take “all necessary steps” to safeguard national interest. “We are consulting with exporters, industries, and all stakeholders,” he said.
Goyal confirmed that the US had first proposed reciprocal tariffs in an executive order dated April 2, 2025. A 10 percent baseline duty was initially imposed, with additional country-specific tariffs scheduled to follow. Though initially deferred until July 9, they were extended until August 1.
He stressed that India gives utmost importance to protecting the interests of farmers, MSMEs, exporters, and industrial sectors. “We are committed to inclusive and sustainable development under the goal of Viksit Bharat 2047. Bharat is marching forward with self-confidence toward self-reliance,” Goyal said.
Highlighting India’s economic transformation, Goyal said the country has emerged from the “Fragile Five” and is now the fastest-growing major economy. “From the 11th largest economy, India has entered the top five. We are expected to become the third-largest economy soon,” he said.
India and the US initiated Bilateral Trade Agreement (BTA) talks in March 2025, aiming to conclude the first stage by October–November. However, differences remain—particularly over the US demand to open up India’s agriculture and dairy sectors, which are considered vital for rural livelihoods.
Goyal reiterated that India would take all necessary steps in national interest as trade talks continue amid the changing global economic landscape. (ANI)
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