US President Donald Trump has indicated that the US may not impose secondary tariffs on countries that continue to import crude oil from Russia.
“Well, he (Russian President Vladimir Putin) lost an oil client, so to speak, which is India, which was doing about 40% of the oil. China, as you know, is doing a lot… And if I did what’s called a secondary sanction, or a secondary tariff, it would be very devastating from their standpoint. If I have to do it, I’ll do it. Maybe I won’t have to do it,” Trump told Fox News in an interview on Friday.
The US president made the remarks aboard Air Force One while returning from Alaska following his meeting with Putin in what he had described as ‘high stakes’ ahead of the summit. The meeting concluded without any agreement on ending the Russia-Ukraine war.
On Wednesday, US Treasury Secretary Scott Bessent had said if “things don’t go well” between Trump and Putin at the summit meeting, then secondary sanctions on India for purchasing Russian oil could go up.
In an interview with Bloomberg, Bessent said, “I think everyone has been frustrated with President Putin. We expected that he would come to the table in a more fulsome way. It looks like he may be ready to negotiate.”
“And we put secondary tariffs on the Indians for buying Russian oil. And I could see, if things don’t go well, then sanctions or secondary tariffs could go up,” he added.
On whether sanctions can go up or be loosened, Bessent had said, “Sanctions can go up; they can be loosened. They can have a definitive life. They can go on indefinitely.”
Trump imposed tariffs totalling 50% on India, including 25% for Delhi’s purchases of Russian oil that will come into effect from Aug. 27.
Responding to the tariffs, the Ministry of External Affairs has said that the targeting of India is unjustified and unreasonable.
“Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,” it said.
(With inputs from PTI.)
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