‘Very Complicated …’ US Doubles Down On Strained Trade Ties With India As Modi Rejects Trade Deal
Video Credit: Oneindia - Duration: 03:15s - Published
‘Very Complicated …’ US Doubles Down On Strained Trade Ties With India As Modi Rejects Trade Deal
The India-US relationship has entered turbulent waters after US treasury secretary Scott Bessent warned that despite being “very complicated,” the two nations would eventually “come together.” His remarks came as Washington’s additional 25% tariff on Indian goods took effect, punishing New Delhi for buying Russian oil.
Combined with earlier duties, tariffs on Indian exports now reach a staggering 50%, hitting garments, jewellery, footwear, and chemicals—impacting over half of India’s $87 billion exports to America.
Bessent accused India of “profiteering” off Russian crude and dragging its feet in trade negotiations, while India dismissed the tariffs as “unjustified” and “unacceptable.” External Affairs Minister S Jaishankar bluntly told the West, “If you don’t like it, don’t buy.” Despite rising tensions, Bessent expressed confidence that President Trump and PM Modi’s strong personal ties could eventually heal the rift.
Trump has officially ruled out Scott Bessent for the next Fed chair, telling CNBC that Bessent “wants to stay where he is.” The decision follows the surprise resignation of Fed Governor Adriana Kugler, giving Trump another opportunity to reshape the Federal Reserve with loyalists. Remaining candidates include Kevin Warsh, Kevin Hassett, and Fed Governor Chris Waller—whom Trump praised as “very good.” With Powell’s term ending in 2026, Trump is considering naming a “shadow chair” to counteract his policies and align the Fed with his low-rate agenda.
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US and China prepare to extend tariff pause after Stockholm talks
US Treasury Secretary Scott Bessent says President Trump must approve the pause before it can go ahead.
READ MORE : http://www.euronews.com/2025/07/30/us-and-china-agree-to-extend-tariff-pause-after-stockholm-trade-talks
Subscribe to our channel. Euronews is available on Dailymotion in 12 languages
Credit: euronews (in English) Duration: 01:10Published
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