Alaska: US warns of additional tariffs on India if Trump-Putin peace talks fail

US Treasury chief says Washington could increase secondary tariffs on India if talks don't go well in Alaska.

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He said the decision would depend on the outcome of President Donald Trump's meeting with Russian counterpart Vladimir Putin in Alaska on Friday.

"We've put secondary tariffs on Indians for buying Russian oil. And I could see, If things don't go well, then sanctions or secondary tariffs could go up," Bessent said in an interview to Bloomberg TV on Wednesday.

Earlier this month, Trump imposed a 25% penalty on India in addition to 25% tariffs for buying oil and weapons from Russia.

The US has been trying to mediate a ceasefire between Russia and Ukraine, and on Wednesday, Trump warned of "severe consequences" if Moscow did not agree to a peace deal.