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US Treasury Secretary Scott Bessent criticised European countries over the trade deal with India on Wednesday.Asked in an interview with CNBC whether the India-EU trade deal threatened US interests, Bessent said countries should do what is best for themselves. But he said he was “very disappointed” with Europe’s actions, especially given the war in Ukraine.
“We have put 25% tariffs on India for buying Russian oil. Guess what happened last week? The Europeans signed a trade deal with India,” he said.“The Europeans are on the front line of the Ukraine-Russia war,” Bessent further said. He pointed out that while India began buying sanctioned Russian oil, European countries later bought the refined products. “So, the Europeans have been funding the war against themselves,” he said.Bessent added that the US had imposed a 25 per cent tariff on India for buying Russian oil, but said European countries did not join Washington’s efforts. “The Europeans were unwilling to join us and it turns out because they wanted to do this trade deal,” he said.He said Europe had placed trade interests above the war in Ukraine. “Every time you hear a European talk about the importance of the Ukrainian people remember that they put trade ahead of the Ukrainian people,” Bessent said. “European trade, more important than ending the war in Ukraine.”His comments came a day after India and the European Union announced they had concluded negotiations on a free trade agreement, ending talks that began nearly 20 years ago. The deal, described by Indian officials as the “mother of all deals”, is India’s 19th trade agreement.The agreement is expected to boost India’s exports to the 27-nation EU bloc and change competition for several domestic industries. It comes at a time when global trade is under strain due to high US tariffs, fragile supply chains and ongoing geopolitical tensions, including the Russia-Ukraine war.India is currently facing high tariffs from the United States, while the European Union is also at risk of higher American duties.
