India, Jan. 25 -- The United States (US) may reconsider part of the steep tariffs imposed on Indian goods following a reported decline in India's imports of Russian crude oil, according to remarks by US Treasury Secretary Scott Bessent.

Speaking to US media outlets, Bessent indicated that the Donald Trump-led administration could roll back 25 per cent of the total 50 per cent tariffs currently applied to India. He attributed this potential shift to what he described as a significant reduction in New Delhi's purchases of Russian oil in recent months.

The tariffs were introduced in two phases. An initial 25 per cent duty targeted what Washington characterised as long-standing trade imbalances with India. A further 25 per cent levy was lat...