Washington, D.C., USA: There are growing indications that the United States is considering a significant reduction in tariffs imposed on Indian goods. US Treasury Secretary Scott Bessent hinted that tariffs on India could be cut by nearly half, amid reports that a bilateral trade agreement between the two nations is nearing completion.

In a recent interview with international media, Scott Bessent stated that Indian refineries have substantially reduced their purchases of Russian oil, a key factor behind the tariffs imposed last year. “Russian oil purchases have declined significantly. This is a success for us,” he said, adding that even if the tariffs imposed at that time are still technically in place, there is a strong possibility they could be withdrawn.

In August last year, then US President Donald Trump announced sweeping tariffs across several countries, doubling duties on Indian imports to 50 percent, citing India’s oil trade with Russia as the primary reason.

US officials have continued to make frequent statements regarding trade ties with India. Commerce Secretary Howard Lutnick recently revealed that a proposed trade deal with India was stalled at the final stage. He claimed the agreement did not move forward due to the absence of direct communication between Prime Minister Narendra Modi and Trump, despite negotiations being close to completion.

However, in contrast to earlier remarks, Scott Bessent’s latest comments have raised optimism that trade relations between India and the United States could soon witness a positive shift.