Davos, Jan. 24 -- US Treasury Secretary Scott Bessent at Davos on Friday (local time) hinted that the additional 25% tariffs on India might be removed after India's purchases of Russian oil have significantly dropped due to a 25% tariff imposed by the US, calling it a "huge success."

He made the remarks during a conversation with Politico, amid a geopolitical landscape surrounding Indian oil imports, US tariffs, and EU trade ambitions that has reached a critical flashpoint.

Bessent told Politico that Indian refinery purchases of Russian oil have "collapsed" due to US tariffs, hinting that, while tariffs remain in place, a diplomatic "path" exists to remove them, provided India shifts its energy sourcing and asserted that these trade mea...