By Admin 
America’s Finance Minister Scott Besant has given a big statement regarding reducing the 50 percent tariff imposed on India by President Donald Trump. The Finance Minister has indicated that the US administration led by President Trump may consider withdrawing half of the 50 percent tariff imposed on India. He attributed this to the sharp decline in India’s purchase of crude oil from Russia in the last few months.
Conditions are ripe for relaxation in 25% tariff on India: Besant
In an interview to American news outlet Politico, Finance Minister Scott Besant said India’s move to reduce Russian oil imports has created favorable conditions for relaxing at least 25 percent of the tariffs imposed on Indian salmon.
He said, ‘America had imposed tariffs on India in two phases, where the first 25 percent tariff was imposed on the alleged trade imbalance between the two countries. At the same time, America had imposed an additional 25 percent tariff on India as a punishment for continuing the purchase of crude oil from Russia. This step was taken at a time when Washington was trying to increase economic pressure on Moscow.
What did the Finance Minister say on India’s oil purchase from Russia?
Finance Minister Scott Besant told Politico, ‘Our 25 percent tariff imposed on India has been very successful. India’s purchase of Russian oil has almost ended. Although the tariffs are still in place, I think there may now be a way to remove them.
Scott Besant speaks on EU’s trade deal with India
He also claimed that the European Union (EU) did not impose tariffs on India because it wanted to make a big trade deal with New Delhi. Along with this, he criticized Europe and said that it is purchasing refined energy products from India, which he termed as stupidity.
India stopped taking oil from Russia: Besant
US Finance Minister Besant, while talking to Fox News during the World Economic Forum meeting held in Davos, Switzerland last week, said that India, the world’s third largest oil importer, has significantly reduced the purchase of oil from Russia.
He claimed that after the conflict started, India started buying crude oil from Russia, but President Trump imposed a 25 percent tariff on it. After this, India gradually reduced its purchases and now it has stopped buying oil from Russia.
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