On Tuesday, the European Union signed a trade deal with India to lower tariffs and expand market access. Ursula von der Leyen called it “the mother of all trade deals”, and the pact cuts duties on European vehicles entering India.
According to the report, Scott Bessent, the US Treasury Secretary, said he was “very disappointed” and accused Europe of double standards over Ukraine. (Ed. note: The deal might put a roadblock between the US and India’s upcoming trade talks.)
Bessent said the US has borne larger costs and cited a 25% tariff on India for buying Russian oil. He highlighted that Europe moved to sign the new pact despite those US measures.
Hardeep Singh Puri, India’s petroleum and natural gas minister, said the agreement had nothing to do with the US and affirmed ongoing efforts to secure a separate deal. He added “The relationship structure (with the US) is very strong.”
