Trump Administration Hints at Lifting 25% Tariff on Indian Products

• The US Treasury Secretary Scott Besant indicated a potential withdrawal of the additional 25% tariff on Indian products.
• Besant claimed India has stopped buying crude oil from Russia, which he cited as the reason for considering tariff removal.
• The 25% tariff was imposed last July, bringing the total tariff on Indian goods to 50%, due to India's increased oil purchases from Russia.
• Trump had argued that India's Russian oil purchases were funding Russia's war in Ukraine.
• Despite Besant's claims, the Indian government has not officially confirmed stopping Russian oil purchases, maintaining its stance on national interest and market prices.

Why It Matters: Trump administration may lift tariffs on India, citing India's alleged halt in Russian oil purchases.