India recalcitrant in trade negotiations, hopeful of deal by Oct.: US Treasury Secretary

India has been headstrong in ongoing trade negotiations with Washington and a bit recalcitrant, said US Treasury Secretary Scott Bessent. His remarks came days after President Donald Trump announced an additional 25% tariff on Indian imports, citing the country’s Russian oil purchases. Mr Bessent said talks are continuing with some nations, specifically mentioning Switzerland and India, and expressed hope of concluding tariff discussions by October. There are significant trade deals that have not been finalised or agreed upon. When asked about the possibility of concluding tariff negotiations by October, he said that would be aspirational. On August 6, Trump signed an executive order imposing the additional 25% duty, bringing the total tariff on Indian goods to 50%, as per a report.

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