Secretary Scott Bessent Confident Of Trade Deal Despite Tariffs

WASHINGTON, D.C. — U.S. Treasury Secretary Scott Bessent voiced confidence on August 27 that Washington and New Delhi will ultimately resolve their trade disputes, even as a steep new 50% tariff on Indian imports took effect the same day. 

Speaking to Fox Business Network, Bessent acknowledged the “very complicated” relationship between the two nations, highlighting the strong personal rapport between President Donald Trump and Prime Minister Narendra Modi as a key factor. He noted that while India is the world’s largest democracy and the U.S. is the world’s largest economy, both sides have been engaged in a difficult negotiation process. 

The tariff hike, part of President Trump’s Executive Order 14329, was widely seen as a punitive measure for India’s continued purchase of Russian oil. Bessent, however, also cited a protracted and “performative” negotiating stance from India. He noted that India had engaged early in the talks following Trump’s “Liberation Day” announcement on April 2, but a deal he had expected to be struck by May or June has not yet materialized. 

Bessent emphasized the United States’ advantageous position as the deficit country in the trade relationship. “I’ve said this all along during the tariff negotiations: the U.S. 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,” he stated, referencing the large trade deficit the U.S. has with India. 

He concluded: “At the end of the day, we will come together.” (ANI)