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U.S. Considers Lifting Tariffs as Indian Oil Imports Plummet

1/25/2026

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Summary

Story summary

U.S. Treasury Secretary Scott Bessent said the United States may remove the 25% tariff on Indian goods after India's imports of Russian oil fell.
He spoke at the World Economic Forum.
The remarks followed heightened trade tensions after U.S. President Donald Trump doubled tariffs on Indian goods in August 2025.
India’s imports of Russian oil fell to a two-year low in December 2025, boosting OPEC's share.

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Story summary

U.S. Treasury Secretary Scott Bessent said the United States may remove the 25% tariff on Indian goods after India's imports of Russian oil fell.
He spoke at the World Economic Forum.
The remarks followed heightened trade tensions after U.S. President Donald Trump doubled tariffs on Indian goods in August 2025.
India’s imports of Russian oil fell to a two-year low in December 2025, boosting OPEC's share.