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Thursday 14 Aug 2025
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US Treasury Secretary Scott Bessent. (Photo/AP)
US Treasury Secretary Scott Bessent has said that several large trade agreements remained pending, including with Switzerland and India, but described New Delhi as having been "a bit recalcitrant" in talks with Washington.
Speaking to Fox Business Network's "Kudlow," Bessent said on Tuesday he hoped the Trump administration could conclude its trade negotiations by the end of October.
"That's aspirational, but I think we are in a good position," he said.
"I think we can be, we will have agreed on substantial terms with all the substantial countries."
The secretary did not elaborate on the sticking points with India or Switzerland, but his comments come amid heightened tensions between Washington and New Delhi following President Donald Trump's recent move to impose 50 percent tariffs on Indian goods, citing its purchases of Russian oil.
India has called the tariffs "unfair" and said it is continuing to engage in discussions with the US to address trade concerns.
Relations at their lowest
US–India relations appeared strong when Prime Minister Narendra Modi visited the White House in February, with both sides pledging to deepen their Comprehensive Global Strategic Partnership.
But tensions quickly emerged over trade, tariffs, and Washington’s pressure on New Delhi to cut Russian oil imports.
President Donald Trump’s "Fair and Reciprocal Plan" on trade targeted India’s high tariffs on US goods.
A July deadline for a trade deal passed without agreement, and subsequent talks failed.
Trump then imposed 25 percent tariffs on Indian imports, later adding another 25 percent, citing purchases of Russian oil.
New Delhi called the measures "unjustified and unreasonable" and pointed to continued US and European trade with Moscow.
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Source: TRT
