Key Points

Speaking to Fox Business Network's "Kudlow", Bessent also stated that there were still some "big trade deals" yet to be done or agreed upon, including Switzerland and India, acknowledging the possibility of concluding tariff negotiations by October.

"There are big trade deals that aren't done and aren't agreed. Switzerland is still around; India has been a bit recalcitrant. I think we have agreed on substantial terms with all the substantial countries," the US Treasury Secretary stated.

"That's aspirational. I think we're in a good position," he added when asked about the possibility of concluding tariff negotiations by October.

On August 6, Trump signed an Executive Order imposing an additional 25 per cent tariff on imports from India in response to New Delhi's purchase of Russian oil, taking the total tariff on India to 50 per cent.

According to the order issued by the White House, Trump cited matters of national security and foreign policy concerns, as well as other relevant trade laws, for the increase, claiming that India's imports of Russian oil, directly or indirectly, pose an "unusual and extraordinary threat" to the United States. The additional tariffs will take effect on August 27.

The Ministry of External Affairs (MEA) has slammed the US's move to impose additional tariffs, calling it "unfair, unjustified and unreasonable", and further noted that New Delhi will take "all actions necessary to protect its national interests".

The announcement came days after he announced the 25 per cent reciprocal tariff on India, which came into effect on August 7.

Meanwhile, Trump had earlier stated that there would be no trade negotiations with India until a dispute over tariffs is resolved.

When pressed by ANI at the Oval Office on whether he expected talks to resume in light of the new 50 per cent tariff, he stated, "No, not until we get it resolved."

- ANI