Days after Trump imposes new tariffs, US Treasury Secretary says, India ‘recalcitrant' in trade talks
Speaking to Fox Business, Bessent said finalising all tariff and trade deals by the end of October was 'aspirational,' adding, 'The big trade deals that aren't done or agreed, Switzerland is still around, India has been a bit recalcitrant.' He noted that US Trade Representative Jamieson Greer and legal teams were working to finalise agreements, news agency PTI reported.
'So I think we will have agreed on substantial terms with all the substantial countries. And as I've been saying for a long time, the President's (Donald Trump) doing peace deals, trade deals, tax deals,' he added.
Trump last week signed an executive order imposing a 50 per cent tariff package on India, including a 25 per cent levy on New Delhi's imports of Russian oil, effective August 27. The announcement coincided with preparations for the sixth round of bilateral trade talks, scheduled for August 25 in New Delhi.
'That's aspirational, but I think we are in a good position,' Bessent was quoted as saying by Reuters, adding 'I think we can be, we will have agreed on substantial terms with all the substantial countries.'
Trump described India as Russia's 'largest or second-largest oil buyer,' claiming that his new tariff measures had delivered a significant blow to Moscow's economy.
'They have tremendous potential in Russia to do well. They're not doing well. Their economy is not doing well right now because it's been very well disturbed by this,' Trump said.
Ministry of External Affairs called the US move 'unjustified and unreasonable,' vowing to take 'all necessary measures to safeguard its national interests and economic security.'
Prime Minister Narendra Modi is expected to travel to New York next month to attend the United Nations General Assembly (UNGA) session, where Trump is also scheduled to speak on September 23.
This will be Modi's second visit to the US this year. His first was in February, when he met Trump at the White House for a bilateral discussion.
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