The European Union (EU) signed a landmark trade deal with India on Tuesday, snubbing the US’s foreign policy. The head of the EU, Ursula von der Leyen, called it the “mother of all trade deals” in Trumpian fashion. Both parties have agreed to lower tariffs and allow free market access to their respective economies. India will allow the EU to sell their vehicles with lower duties, marking a significant shift in policies.
US Treasury Secretary Scott Bessent Reacts Harshly to the India & European Union Trade Deal
Scott Bessent, the US Treasury Secretary, spoke to ABC News on Sunday, saying that he is “very disappointed” with the India and European Union trade deal. He hit out at Europe for having double standards and doing nothing to protect Ukraine. Bessent labeled Europe as using US funds, but taking the backdoor exit to partner with India.
Also Read: US Dollar Value Is Falling: Here Are 3 Trends Driving the Decline
America has pledged billions to protect Ukraine despite the Europeans doing little to nothing, he noted. “The US has made much bigger sacrifices than Europeans have. We have put 25% tariffs on India for buying Russian oil. Guess what happened last week? The European Union signed a trade deal with India,” Bessent told ABC News on Sunday. The new deal might put a roadblock between the US and India’s upcoming trade talks.
However, India’s petroleum and natural gas minister, Hardeep Singh Puri, said that the trade deal with the European Union has nothing to do with the US. He stressed that India’s relationship with the US is “strong” and the country stays committed to securing a deal. “The relationship structure (with the US) is very strong. I would try to look at the positive side. I’m not a soothsayer, I don’t know when trade deals will get signed, how long it takes, but everybody needs to chill a bit,” he said to CNBC’s Amitoj Singh.
