Even if we impose tariffs on India, at the end of the day we are one: US Treasury Secretary

Desk Reports:

Tensions between India and the US over tariffs have escalated. An additional 25 percent tariff has been imposed on India for buying Russian oil and military equipment, bringing the total tariff to 50 percent. The tariff has come into effect from today. However, despite such tensions, US Treasury Secretary Scott Besant has expressed his confidence in India-US relations.

In an interview with Fox Business, Scott Besant said, “I think India is the world’s largest democracy and the United States is the world’s largest economy. At the end of the day, we will come together.”

Lighting up the latest status of the trade agreement between the two countries, Scott Besant said, “We have not yet reached an agreement. However, India’s position in the negotiations has been ‘showmanship’. We expected the agreement to be concluded by May or June, but it has not happened. In fact, India has taken a very cautious approach to this agreement.”

Besant said, “The Indians started discussions on tariffs immediately after August 1, but we have not yet reached an agreement. I thought there would be an agreement by May or June. I thought one of the initial deals would be with India. It didn’t happen, on the contrary, they kept us in the talks for a long time. On the other hand, Russia has also continued to buy crude oil.’
Besant said that there is a ‘good understanding’ between US President Donald Trump and Indian Prime Minister Narendra Modi. He said it is a complex relationship. President Trump and Prime Minister Modi have a very good relationship. The issue of increasing tariffs is not just about Russian oil.

On the issue of bilateral trade, Besant reiterated Trump’s position, saying that the US has a large trade deficit with India and when there is a ‘discord’ in the trade relationship, the country with the deficit is in an advantageous position.

Asked whether he was worried about trading in Indian rupees, Besant said that the value of the Indian rupee against the US dollar is at its lowest level ever. He said, ‘I have concerns about many things. But I have no concerns about the rupee becoming a reserve currency.’

Meanwhile, India is preparing to stand firm in the face of pressure from the US. Prime Minister Modi has vowed that he will never compromise on the interests of the country’s farmers.

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