US Treasury Secretary Scott Besant has given an important statement regarding the 25% tariff imposed on India. He said that this tariff imposed on India has been “quite successful” for America. According to Besant, after the imposition of this tariff, there has been a significant reduction in India’s purchase of oil from Russia. This tariff is currently in place, but the US does not consider it permanent.
Scott Besant indicated that the 25% tariff imposed on India could be removed in the future. “I think there may now be a way to remove it,” he said. This means that if circumstances are favorable and talks move forward, the US can give tariff relief to India. This statement has come at a time when there is continuous discussion around the world about oil trade and sanctions related to Russia.
How much tariff has America imposed on India?
America has currently imposed a total tariff of up to 50% on many goods imported from India. Of this, about 25% is the general tariff, which applies to about 55% of India’s exports. Additionally, an additional 25% “oil-related penalty tariff” was imposed from August 2025, aimed at pressurizing India to buy oil from Russia.
Price cap of America, G7 and European countries on Russian oil
The US, G7 and European countries have also implemented a price cap system on Russian oil. This cap is approximately $47.60 per barrel as of January 2026, which will be reduced to $44.10 from February 1, 2026. The rule is that if Russian oil is sold above the fixed price, services such as insurance, shipping and financing will not be provided.
America’s 500% tariff bill
America claims that after this pressure, India has reduced buying Russian oil. According to reports, big Indian refineries like Reliance had stopped buying Russian oil in January 2026. Meanwhile, India says it decides its energy needs based on national interest and affordable prices, but is keeping a close eye on the new US bill that includes 500% tariffs.
