US signals possible rollback of 25% tariff on India as Russian oil imports fall

The US has hinted at removing the additional 25% tariff on India after New Delhi sharply cut Russian oil imports. Treasury Secretary Scott Bessent said India’s purchases have “collapsed,” calling the tariffs a success. Imports fell about 30% year-on-year in early January. India maintains its strategic autonomy even as Washington weighs tougher trade measures.