India, Jan. 24 -- Amid ongoing trade negotiations between India and the US, a key official in the Donald Trump-led administration has hinted at lowering the existing 50% tariffs on imports from New Delhi by half.

Treasury Secretary Scott Bessent during an interview claimed that refineries in India have significantly cut down on the purchase of Russian oil, an issue which was cited as reason for the US doubling tariffs on India back in August last year.

"We put 25% tariffs on India for buying Russian oil. And the Indian purchases, by their refineries, of Russian oil have collapsed. That is a success," Bessent said in an interview with Politico posted on Friday.

He further acknowledged that the tariffs on India remain imposed but hinted ...