US Slams EU-India Trade Deal, Says Europe Betrayed Ukraine for Commerce

On Wednesday, speaking to CNBC, Bessent said he was disappointed with Europe's position, claiming Brussels had chosen trade interests despite the ongoing war in Ukraine. "They should do what's best for themselves, but I will tell you, I found, I find the Europeans very disappointing," he said.

His remarks came a day after the European Union finalised the long-pending trade pact with India, aimed at expanding bilateral trade and reducing Europe's dependence on the United States amid rising global trade tensions. Under the agreement, tariffs on 96.6 per cent of traded goods by value will be eliminated or reduced, a move expected to potentially double EU exports to India by 2032 and save European companies around 4 billion euros in duties.

Bessent said the deal also explained why the European Union declined to align with Washington's decision to impose higher tariffs on India last year. "The Europeans were unwilling to join us, and it turns out, because they wanted to do this trade deal," he said. "So every time you hear a European talk about the importance of the Ukrainian people, remember that they put trade ahead of the Ukrainian people."

He went on to accuse European countries of indirectly funding Russia's war by purchasing refined fuel products derived from Russian crude oil. "The Russian oil goes into India, the refined products come out, and the Europeans buy the refined products," Bessent said. "They are financing the war against themselves."

The treasury secretary noted that he had raised similar concerns last week, ahead of the formal conclusion of the trade agreement. In an earlier interview with ABC News, he pointed out that Washington had imposed 25 per cent tariffs on India over its purchases of Russian oil, even as Europe proceeded with its trade deal.

"We have put 25% tariffs on India for buying Russian oil. Guess what happened last week? The Europeans signed a trade deal with India," Bessent said. "And just to be clear again, the Russian oil goes into India, the refined products come out, and the Europeans buy the refined products. They are financing the war against themselves."

Bessent also said the Trump administration had applied greater pressure on Moscow than its European counterparts in efforts to end the conflict. "Trump has worked to negotiate a settlement on the Russia-Ukraine conflict," he said, adding that the United States had made "much bigger sacrifices" than Europe.

- ANI