US Treasury Secretary Expresses Optimism on India Trade Deal Despite Tariffs

US Treasury Secretary Scott Bessent said he remains hopeful about a trade agreement with India, citing the strong rapport between Prime Minister Narendra Modi and President Donald Trump.

Speaking to Fox News, Bessent acknowledged that negotiations have dragged on despite India’s early engagement but insisted, “At the end of the day, we will come together.”

The remarks came as the Trump administration raised tariffs on Indian goods to 50%. India has called the move “unjustified and unfair,” with Prime Minister Modi refusing to compromise on farmers’ and small businesses’ interests.

Bessent also repeated US criticism of India’s Russian oil purchases, while External Affairs Minister S. Jaishankar defended the policy, saying, “If you have a problem… don’t buy it.”

On concerns about de-dollarisation, Bessent dismissed talk of the rupee as a reserve currency. India’s Foreign Ministry also clarified that BRICS has no plans to move away from the dollar.