US will come together with India at end of the day: Scott Bessent as Trump's 50% tariffs take effect

U.S. Treasury Secretary Scott Bessent (File image)

US Treasury Secretary Scott Bessent on Wednesday repeated President Donald Trump’s criticism of India’s “profiteering” from Russian oil purchases, even as he voiced optimism that New Delhi and Washington would eventually reach a trade agreement despite the imposition of steep tariffs.

“At the end of the day, we (India and the US) will come together,” Bessent told Fox Business Network, as Washington’s 50 per cent tariffs on Indian goods took effect.

He acknowledged the complexities in the relationship amid economic concerns, but highlighted the strong personal rapport between Prime Minister Narendra Modi and US President Donald Trump as a basis for progress.

“This is a very complicated relationship. President Trump and Prime Minister Modi have very good relationships at that level. And it’s not just over the Russian oil,” he said.

Bessent was critical of New Delhi’s approach to the negotiations. “I think a lot of it by the Indians has been performative. But I will tell you, I’ve said this all along during the tariff negotiations: the US is the deficit country. When there is a schism in trade relations, the deficit country is at an advantage. It’s the surplus country that should worry. So the Indians are selling to us. They have very high tariffs. And we have a very large deficit with them,” he remarked.

He also noted that India was among the first to initiate talks after Trump’s April 2 “Liberation Day” announcement on tariffs but said progress had been slower than expected. “The Indians came in very early, after Liberation Day, to start negotiating on tariffs. And we still don’t have a deal. I thought that we would have a deal in May or June. I thought India could be one of the earlier deals. And they kind of tapped us along in terms of the negotiations and then there is also the aspect of the Russian crude purchases, which they’ve been profiteering on. There are many levels going on here,” Bessent said.

Despite the frictions, he underlined his belief that a resolution would be reached. “At the end of the day, I think we will come together with India,” Bessent reiterated.

Meanwhile, the 50 per cent tariffs on imports from India to the United States came into effect on Wednesday. This follows the draft notice published by the U.S. Customs and Border Protection (CBP) that stated that the order would come in effect from August 27.

According to the notice, the additional duties are being imposed to give effect to the President's Executive Order 14329 of August 6, 2025, titled "Addressing Threats to the United States by the Government of the Russian Federation."

The order set a new rate of duty on imports of articles that are products of India. The move follows the announcement by U.S. President Donald Trump to raise tariffs on Indian goods to 50 per cent.

The CBP said that the Secretary of Homeland Security has determined it necessary to modify the Harmonized Tariff Schedule of the United States (HTSUS) in line with the executive order.

The higher duties are applicable to all Indian products that are either entered for consumption in the U.S. or withdrawn from warehouses for consumption. With this, the 50 per cent tariffs on India's imports to the U.S. are now in effect. Earlier on 30th July US President Donald Trump announced an additional 25 per cent tariffs on India.