India, Aug. 27 -- After US trade tariffs on India hit a massive 50% on Wednesday, US treasury secretary Scott Bessent has argued that the high rates are "not just over [India's purchase of] Russian oil", but also over how long-drawn the ongoing talks for a trade deal have been.

"I'd thought we'd have a deal in May or June; that India could be one of the earlies deals. But they, kind of, tapped us along," he said, in an interview to the news outlet Fox Business, just hours after the additional, "penal" 25% for buying crude oil from Russia kicked in.

India has kept its doors open for the talks, but with some red lines on sectors such as farming and smaller manufacturers, HT has reported.

Bessent did add, though: "India is the world's lar...