US, Aug.01,2025: When asked if talks might progress before the August 1 tariff snapback, Bessent replied: “It will be up to India
US Trade Team Frustrated With India
US Trade Team Frustrated With India opens the discussion on growing tensions as trade negotiations collapse. The United States has imposed a sweeping 25 % tariff on Indian imports starting August 1, drawing sharp criticism from Treasury Secretary Scott Bessent and signaling serious dissatisfaction within the US trade apparatus.
Backstory: Tariff Announcement and Stakes
On July 30, US President Donald Trump announced a new 25 % tariff on all goods imported from India, effective August 1. The move came accompanied by unspecified penalties tied to India’s purchase of sanctioned Russian crude oil, which the US claims India then refines and resells.
This reflects an escalation beyond prior trade friction and revives concerns over stalled negotiations for a Bilateral Trade Agreement (BTA) initiated in March 2025.
What Bessent Said in CNBC Interview
During his appearance on CNBC’s Squawk Box, Treasury Secretary Scott Bessent delivered candid remarks:
“India came to the table early. They’ve been slow rolling things. So I think that the President and the whole trade team has been frustrated with them.”
He further emphasized:
“They have not been a great global actor,” referencing India’s role as a significant buyer—and refinisher—of sanctioned Russian oil.
When asked if talks might progress before the August 1 tariff snapback, Bessent replied: “It will be up to India” — shifting the onus for negotiations to New Delhi’s court.
Why the Trade Team Is Frustrated: Slow‑Rolling and Oil
Slow‑Rolling Negotiations
Although India initially engaged quickly in talks, US officials say progress ground to a crawl. The language used—“slow rolling things”—captures mounting impatience among Washington negotiators.
Russian Oil & Global Credibility
Washington is particularly alarmed that India has been purchasing Russian crude oil, refining it, and exporting the refined products. This, according to Bessent, undermines global sanctions regimes and signals a problematic stance in global energy politics.
India’s Response: Government Weighs Impact
In India’s Parliament, Commerce & Industry Minister Piyush Goyal stressed that the government is assessing the impact of the US decision and consulting exporters and MSMEs. He reaffirmed the government’s commitment to safeguarding national interest and stakeholder welfare.
India explores boosting US imports strategically—without compromising energy independence or defense procurement—to blunt the tariff’s impact.
Trade Talks Soften, but Internal Deadlock Remains
Efforts to finalize an interim trade deal by July 9 stalled. Reports indicate major deadlocks over agriculture, dairy, and Indian demands for reciprocal tariff relief. While both sides explored a phased agreement approach by fall 2025, progress remains elusive.
Geopolitical Implications: BRICS, Oil, and Global Image
India’s alignment with BRICS—especially its continuing relations with Russia—has drawn criticism. President Trump characterized the bloc as “anti‑United States” and warned against undermining the dollar.
US officials suggest that India’s energy ties with Russia contribute to geopolitical friction, beyond simply commercial transactions.
Economic Fallout: Who Loses, Who Wins
- Indian exporters, especially in gems, textiles, and electronics, face rising costs and reduced competitiveness in the US market.
- Key sectors like iPhone assembly in India risk disruption as the tariff affects components and margins.
- US gains tariff revenue, but risks higher inflation pressure and strained global supply chains.
Is Anything Likely to Change
With the August 1 deadline in effect, progress rests on India making a strategic shift at the negotiating table—a position acknowledged by Bessent as “up to India”.
India may pursue incremental import increases from the US and brandish economic resilience to delay or soften the fallout, while the US appears poised to stick to its tariff schedule unless concessions emerge.
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