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U.S. Treasury Secretary hints at possible tariff relief for India as Russian oil imports drop

January 24, 2026

U. S. Treasury Secretary Scott Bessent has suggested that the Trump administration may consider rolling back the additional 25% tariffs on India, following a significant drop in Indian imports of Russian oil. This follows a period of heightened trade tensions, initiated when tariffs were doubled in August 2025 due to India's crude oil purchases from Russia.

U.S. Treasury Secretary hints at possible tariff relief for India as Russian oil imports drop

Credit: Thehindu

Key Highlights

U. S. Treasury Secretary Scott Bessent indicated a potential rollback of tariffs on India.
The tariffs were originally increased to 50% in August 2025 in response to Indian imports of Russian oil.
Indian imports of Russian oil have significantly declined, leading to the tariff review.
The discussions occurred during the 56th World Economic Forum in Davos, Switzerland.

World Business

Sources

This quick summary is automatically generated using AI based on reports from multiple news sources. The content has not been reviewed or verified by humans. For complete details, accuracy, and context, please refer to the original published articles.

U.S. Treasury Secretary hints at possible tariff relief for India as Russian oil imports drop

Key Highlights

Sources

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