'US sacrificed more...': Trump aide slams EU over India deal
What's the story
US Treasury Secretary Scott Bessent has criticized the European Union (EU) for finalizing a trade deal with India while negotiations between India and the US are still ongoing. In an interview with ABC News, Bessent claimed that the US has "sacrificed" more than Europe in its efforts to resolve the Russia-Ukraine crisis. "We have put 25 percent tariffs on India for buying Russian oil. Guess what happened last week? The Europeans signed a trade deal with India," Bessent said.
Scott
'EU financing war against themselves'
Bessent also criticized the EU for buying refined products from India, which are made from Russian oil, thus indirectly financing the conflict. "And just to be clear again, the Russian oil goes into India, the refined products come out, and the Europeans buy the refined products. They are financing the war against themselves," he added.
Contradictory statements
Bessent's earlier comments on India's oil purchases
Interestingly, Bessent's recent remarks seem to contrast with his earlier statements in a Politico interview, where he had said Indian refineries had cut back on Russian oil purchases. He had hinted that the Trump administration might consider the possibility of reducing tariffs on India. "The tariffs are still on. I would imagine there is a path to take them off," Bessent said. However, there has been no official confirmation from India regarding Bessent's claims.
Trade announcement
India-EU trade deal to be announced at summit
Meanwhile, Commerce Secretary Rajesh Agrawal confirmed on Monday that India and the EU have concluded negotiations on a Free Trade Agreement (FTA). The formal announcement will be made at an upcoming India-EU Summit on Tuesday. The summit will see European Commission President Ursula von der Leyen, European Council President Charles Michel, and Prime Minister Narendra Modi in discussions.
Export boost
FTA to benefit Indian exports
The India-EU FTA, which has been in the works since 2007, is anticipated to serve as the foundation for a wider India-EU economic and strategic alliance as global trade patterns alter. According to officials familiar with the agreement, a wide range of Indian exports will likely benefit from duty-free or preferential access, particularly in labor-intensive sectors like textiles, chemicals, gems and jewelry, electrical machinery, leather goods, automobiles, and footwear.