US Finance Minister Scott Besant has warned that if “things are not good” during the meeting between President Donald Trump and Russian President Vladimir Putin on Friday, the tariffs on India may increase. Trump announced a total of 50 percent tariffs on India last week. It also includes 25 percent fee levied as a fine for continuing oil from Russia. This additional 25 percent fee will be applicable from August 27.
Besant said in an interview to Bloomberg on Wednesday, “I think everyone is disappointed with President Putin. We hoped that he will talk more openly. It seems that he can get ready for conversation. And we have imposed an additional fee on Indians for buying Russian oil. I think if things are not right, the additional fees can increase.” When asked about the main buyer of Crude oil from Russia about China, the Finance Minister said that Trump is best in making a profit situation for himself and he would make it clear to President Putin that all options are open. The Presidents of America and Russia are scheduled to meet in Alaska on 15 August. During this time the conversation is mainly focused on ending the ongoing war between Russia and Ukraine.
Asked about the possibility of increasing or reducing the restrictions imposed on Russia, Besant said, ‘The restrictions can be increased, reduced. They may have a certain period. They can continue indefinitely. You know, there is a pseudo fleet of Russian ships around the world, on which I think we can take action. ‘
Along with this, the US Finance Minister said that even though Trump is about to meet Putin, European countries ‘come together’ and these need to be prepared to impose additional restrictions. He said that Trump Ukraine is committed to ending war. We need to help European countries come together and make us stronger.
The Indian Ministry of External Affairs, while reacting to the US tariff, has said that targeting India is unfair and indiscriminate. The ministry said, “Like any major economy, India will take all necessary measures to protect its national interests and economic security.”
