‘Two great countries will get this solved’: Scott Bessent on trade talks with India; calls SCO meeting ‘largely performative’

US Treasury Secretary Scott Bessent on Tuesday expressed confidence in resolving trade frictions with India claiming that the “two great countries will get this solved”. Bessent, however, down played the significance of the Shanghai Cooperation Organisation (SCO) summit where Prime Minister Narendra Modi met Russian President Vladimir Putin and Chinese President Xi Jinping.When asked about PM Modi’s engagement with Putin and Xi on the sidelines of the SCO summit in Tianjin, Bessent was dismissive. “This is a longstanding meeting, it’s called the Shanghai Cooperation Organization and I think it’s largely performative,” he said, speaking to Fox News at Martin’s Tavern in Washington. “I think at the end of the day, India is the most populous democracy in the world. Their values are much closer to ours and to China’s than to Russia’s.”The US Treasury Secretary was also asked on India’s deepening ties with Russia, particularly its purchases of discounted oil, which Washington argues is helping to fund Moscow’s war effort.Bessent suggested that, despite current tensions, Washington remains confident about the long-term relationship. “I think at the end of the day, two great countries will get this solved. But the Indians have not been great actors in terms of buying Russian oil and then reselling it, financing the Russian war effort in Ukraine,” he said.Bessent also confirmed that President Donald Trump is prepared to consider further sanctions on Russia in response to Moscow’s continued attacks on Ukraine. “So I think with President Trump, all options are on the table, and I think we’ll be examining those very closely this week,” he added. His remarks came as Russia unleashed a fresh barrage of missiles and drones on Kyiv, killing at least 17 people, including four children.Bessent said Moscow had escalated its attacks on Ukraine despite repeated overtures for peace. “I think everything’s on the table,” he said. “President Putin, since the historic meeting in Anchorage, since the phone call, when the European leaders and President Zelensky were at the White House the following Monday, has done the opposite of following through on what he indicated he wanted to do. As a matter of fact, he has, in a despicable, despicable manner, increased the bombing campaign.”

‘Totally one sided’: Trump on trade with India

President Trump echoed similar frustrations on social media, calling the US-India relationship “totally one sided” and accusing New Delhi of maintaining “the highest tariffs in the world”. India has rejected the tariffs as “unjustified and unreasonable”, insisting that its energy security and agricultural interests cannot be compromised.Other senior Trump officials have struck a sharper tone. Trade adviser Peter Navarro accused Indian refiners of turning the country into a “massive refining hub and oil money laundromat for the Kremlin” and went further in attacking “Brahmins profiteering at the expense of the Indian people.” While describing Modi as a “great leader,” Navarro argued that India’s continued engagement with Putin and Xi undermines its role as the world’s largest democracy.The Trump administration has already imposed reciprocal tariffs of 25 per cent on Indian goods and an additional 25 per cent levy on oil imports linked to Russia, pushing overall duties to 50 per cent — among the highest in the world.