US calls tariffs “huge success”
Besant noted that before Russia invaded Ukraine, Russian oil accounted for only 2–3 percent of the crude processed by Indian refineries. However, after sanctions were imposed and Russian crude began selling at significant discounts, its share rose sharply, enabling Indian refiners to achieve higher profit margins.
The Treasury Secretary described the 25% tariffs on India as a major achievement, claiming they successfully pressured New Delhi to reduce its purchases of Russian crude oil drastically.
European Union’s “mother of all deals”
US Treasury Secretary Scott Bessent’s remarks come as India and the European Union prepare for what is being called the “mother of all deals,” even as uncertainty over President Donald Trump’s tariff policies remains. The proposed agreement comes at a difficult time for Europe, after Trump earlier threatened to widen his trade war with European allies over their opposition to a US takeover of Greenland. According to some reports, the agreement could be announced as early as January 27, when leaders from both sides are expected to meet for a high-level summit.
