India 'bit recalcitrant' on trade negotiations: US Treasury Secy Bessent

New York | India has been a “bit recalcitrant” on trade negotiations with the US, Treasury Secretary Scott Bessent has said.

“That's aspirational,” Bessent said on Fox Business on Tuesday, responding to a question on wrapping up all the tariffs and trade deals by the end of October.

“But I think we are in a good position. The big trade deals that aren't done or aren't agreed - Switzerland is still around, India has been a bit recalcitrant,” he said, adding that US Trade Representative Jamieson Greer and teams of lawyers “are busy papering all this over".

"So I think we will have agreed on substantial terms with all the substantial countries. And as I've been saying for a long time, the President's (Donald Trump) doing peace deals, trade deals, tax deals,” he added.

Even as trade negotiations between India and the US were ongoing, Trump imposed tariffs totalling 50 per cent on India, including 25 per cent for Delhi's purchases of Russian oil, which will come into effect from August 27.

Responding to the tariffs, the Ministry of External Affairs in New Delhi 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.

Last week's announcement of Trump's executive order imposing the additional 25 per cent tariffs on India came at a time when a team from the US is scheduled to visit India from August 25 for the sixth round of negotiations for the proposed bilateral trade agreement.

The two countries are aiming to conclude the first phase of the pact by fall (October-November) this year.