Washington, Jan 24: The Donald Trump–led US administration may consider rolling back half of the 50 per cent tariffs imposed on Indian goods, citing what it described as a sharp decline in New Delhi’s purchases of Russian crude oil, US Treasury Secretary Scott Bessent has said.

In an interview with Politico, Bessent indicated that India’s reduced imports of Russian oil had created favourable conditions for easing at least 25 per cent of the tariffs currently in place.

The United States imposed the duties in two tranches. A 25 per cent tariff was levied over alleged trade imbalances, while an additional 25 per cent was introduced as a punitive measure in response to India’s continued purchase of Russian crude amid Washington’s efforts to tighten economic pressure on Moscow.

“Our 25 per cent tariff on India has been a huge success. Indian purchases of Russian oil have collapsed. The tariffs are still on. I would imagine there is a path to take them off now,” Bessent told Politico.

Bessent also claimed that the European Union had refrained from imposing tariffs on India because it was seeking a major trade agreement with New Delhi. He criticised European countries for continuing to buy refined energy products from India, calling the approach “stupid”.

Speaking separately to Fox News on the sidelines of the World Economic Forum in Davos last week, Bessent said India, the world’s third-largest oil importer, had significantly reduced its dependence on Russian crude.

“India started buying Russian oil after the conflict began, but President Trump put a 25 per cent tariff on them, and India has geared down and has stopped buying Russian oil,” he said.

His remarks suggest a possible recalibration of Washington’s hardline trade stance towards India, even as the two countries continue discussions aimed at easing tensions that emerged after the tariffs were announced in August last year.

Recent reports have indicated that some private Indian refiners have reduced Russian oil imports. However, New Delhi has maintained that its purchases from Russia continue and has rejected US pressure to cut energy ties, calling the tariffs “unfair, unjustified and unreasonable”.

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India emerged as the largest buyer of discounted Russian crude after Western nations shunned Moscow following its invasion of Ukraine in February 2022, insisting that its energy decisions are guided by national interest.