<figure id="attachment_3269143" aria-describedby="caption-attachment-3269143" style="width: 1600px" class="wp-caption alignnone"><img loading="lazy" class="size-full wp-image-3269143" src="https://media.freemalaysiatoday.com/wp-content/uploads/2026/01/fc1c9923-india-eu.jpg" alt="India EU" width="1600" height="1000" /><figcaption id="caption-attachment-3269143" class="wp-caption-text">The India-EU deal will cut or eliminate tariffs on most European exports, along with other provisions on both sides. (Reuters pic)</figcaption></figure>
WASHINGTON: US treasury secretary Scott Bessent voiced frustration Wednesday at the European Union&#8217;s trade ties with India, claiming the bloc backed off Russia-related sanctions to ensure finalisation of its major deal with New Delhi.
The Europeans &#8220;should do what&#8217;s best for themselves,&#8221; Bessent told CNBC when asked in a televised interview for reaction to the EU-India deal agreed Tuesday.
&#8220;But I will tell you&#8230; I find the Europeans very disappointing, because the Europeans are on the front line of the Ukraine-Russia war,&#8221; he said.
India is buying sanctioned Russian oil, Bessent said, and &#8220;guess who was buying the refined products? The Europeans.&#8221;
&#8220;So the Europeans have been funding the war against themselves,&#8221; he said.
After US President Donald Trump hit India with additional tariffs in August over its purchases of Russian oil, Bessent said Europe was &#8220;unwilling to join us.&#8221;
&#8220;And it turns out, because they wanted to do this trade deal,&#8221; he said of the agreement.
Decades in the making, the deal will see tariffs cut or eliminated on most European exports, among many other provisions on both sides.
&#8220;So every time you hear a European talk about the importance of the Ukrainian people, remember that they put trade ahead of the Ukrainian people,&#8221; Bessent said.
He also touched on other important economic issues in Asia, including trade tensions with South Korea and recent volatility in Japan&#8217;s currency.
Trump announced on Monday that he would be raising tariffs on South Korea over its failure to enact a trade deal struck last year.
&#8220;The South Korean parliament has not passed the trade deal, so there is no trade deal until they ratify it,&#8221; he said.
Asked if South Korea would face the tariffs until its parliament codifies the deal, Bessent said: &#8220;I think it&#8217;s helpful to get things moved along.&#8221;
Bessent also dismissed reports that the United States could intervene in the currency market, amid a falling US dollar and high volatility in the Japanese yen.
He said he couldn&#8217;t comment further than to say that the &#8220;US always has a strong dollar policy.&#8221;

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