Washington: The historic Free Trade Agreement (India-EU FTA) between India and the European Union is proving difficult for the US to accept. Since the agreement was signed in New Delhi on Tuesday, January 27, American rhetoric against it has continued. Now, US Treasury Secretary Scott Bessent has criticized Europe for striking the deal with India. Bessent said the deal shows that Europe has prioritized its trade interests over its concern for the people of Ukraine. Speaking to CNBC, Bessent said he was disappointed with Europe's stance.
Disappointment with Europe over the Deal
US Treasury Secretary Bessent said they should do what's best for them, but "let me tell you, I found the Europeans very disappointing." Bessent's comments came a day after the final seal was put on the trade agreement between India and the European Union. European Union President Ursula von der Leyen called it the "mother of all deals." The European Union says the deal is between two major economies that together cover approximately 25 percent of the world's total GDP.
During this time, the pain of the European Union not supporting the US in imposing tariffs against India was clearly visible on Bessent's face. He said the trade deal makes it clear why the European Union did not support Washington's decision to impose higher tariffs on India last year. Bessent said, "Europe didn't want to join us. Now it turns out they wanted this deal. So whenever you hear a European talking about the importance of the people of Ukraine, remember that they put trade before the people of Ukraine."
Accusing Europe of Funding a War Against Itself
Bessent alleged that by making a deal with India, they are financing a war against themselves. He said, "Russian oil goes to India, gets refined, and comes out, and the Europeans buy that refined product. They are financing the war against themselves." This stance by Besant is starkly different from the one he took in Davos, where he had said that India had significantly reduced its purchases of Russian oil after a 25% tariff was imposed.
US U-turn on Russian oil purchases
Besant had also said in Davos that there was now a way to remove these tariffs and called it good news. However, after the India-EU deal, the US minister's stance has changed again, and he is now targeting India. Just a day earlier, Trump's trade representative, Jamison Greer, had also made a U-turn on Russian oil purchases, saying that India still needed to do more to address US concerns.
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