'Whole Trump trade team frustrated with India': US treasury secretary calls India 'large buyer of sanctioned Russian oil'

After US President Donald Trump imposed a 25 per cent tariff on India, US Treasury Secretary Scott Bessent said on Thursday (July 31) that the Trump administration was a "bit frustrated with India." Talking to CNBC, Bessent said, "Well, I don't know what's going to happen. It'll be up to India. India came to the table early. They've been slow-rolling things. So I think that the president, the whole trade team are a bit frustrated with them. And also, India's been a large buyer of sanctioned Russian oil that they then resell as refined products. So you know they have not been a great global actor."

He also said that America and China are on the way to a trade pact as a key tariff deadline nears. “I believe that we have the makings of a deal,” he said.

“There are still a few technical details to be worked out on the Chinese side between us. I’m confident that it will be done, but it’s not 100% done," the US Treasury Secretary added. Although he did not throw much light on what the deal would look like.

'INDIAN WILL THEREFORE BE PAYING A TARIFF'

US President Donald Trump announced a 25 per cent tariff on India on Wednesday (July 30). Taking to his social media platform Truth Social, the American president wrote, "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the world, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country."

"Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE killing in UKRAINE - ALL THINGS NOT GOOD! INDIAN WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. Thank you for your ATTENTION TO THIS MATTER. MAGA!" Trump added.

In a subsequent post, Trump said, "WE HAVE A MASSIVE TRADE DEFICIT WITH INDIA!!!"