India-EU Deal Disappointing: US Treasury Secretary Bessent

US Treasury Secretary Scott Bessent criticised Europe called the European Union’s newly signed trade agreement with India “disappointing.”

In an interview with CNBC, Bessent said the European Union placed trade interests above its stated support for Ukraine. He made the remarks a day after India and the EU concluded a free trade agreement that European Commission President Ursula von der Leyen described as “historic.”

Bessent said Europe continues to buy refined petroleum products from India that use Russian oil. He also said the EU refused to match the United States on higher tariffs against Indian goods because it was negotiating the trade deal with New Delhi.

“The Europeans should do what’s best for themselves, but I find them very disappointing,” Bessent told CNBC. He said European countries chose to pursue the India-EU trade agreement instead of joining the US in imposing steeper tariffs. Bessent added that Europe “put trade ahead of the Ukrainian people.”

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US flags EU’s trade priority with India

The United States had imposed an additional 25 percent tariff on Indian imports last year, citing India’s purchase of Russian oil.

Under the India-EU free trade agreement, the European Union will eliminate tariffs on 99 percent of Indian exports by value over seven years. Duties on nearly $33 billion worth of labour-intensive goods, including textiles, leather, footwear, gems and jewellery, will be removed once the pact is signed.

India, in turn, will reduce tariffs on 96.6 percent of EU exports, with nearly one-third of the cuts taking effect immediately when the agreement becomes operational in early 2027.

The deal was announced shortly after European Council President Antonio Costa and European Commission President Ursula von der Leyen met Prime Minister Narendra Modi during the India-EU Summit. Both leaders also attended India’s Republic Day celebrations as chief guests.

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