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In a significant development that could reshape trade relations, US Treasury Secretary Scott Bessent has indicated a potential rollback of tariffs on India, calling the current measures a “success.” This announcement comes as India’s purchases of Russian oil have reportedly decreased, signaling a positive shift in geopolitical dynamics that the US had been encouraging.
Secretary Bessent’s remarks suggest that the US administration views the imposed tariffs as having achieved their desired effect: influencing India’s energy sourcing decisions amid the ongoing geopolitical landscape. The ‘success’ he refers to is likely tied to the observed reduction in India’s reliance on Russian crude, aligning with broader international efforts to limit revenue streams to Russia.
While no specific timeline or details for the tariff rollback were provided, Bessent’s hint offers a clear path forward for both nations. A lifting of these tariffs would undoubtedly be welcomed by Indian industries and consumers, potentially leading to increased trade and stronger economic ties between the US and India. This move could also serve as a diplomatic gesture, recognizing India’s adjustments in its energy procurement strategies.
As the situation unfolds, all eyes will be on Washington and New Delhi for further announcements regarding the future of these tariffs and the evolving trade relationship between the two global powers.
Source: Original Article
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