US Treasury Secretary Scott Bessent on Wednesday criticised European countries over their newly concluded trade agreement with India, saying he was “very disappointed” with Europe’s actions, particularly in the context of the war in Ukraine.
In an interview with CNBC, when asked whether the India–EU trade deal threatened US interests, Bessent said nations should pursue what is best for themselves. However, he added that Europe’s decision was disappointing given the geopolitical situation. “We have put 25% tariffs on India for buying Russian oil. Guess what happened last week? The Europeans signed a trade deal with India,” he said.
Bessent argued that Europe, despite being on the front line of the Russia–Ukraine conflict, had acted inconsistently. He pointed out that while India began buying sanctioned Russian oil, European countries later purchased refined products derived from that oil. “So, the Europeans have been funding the war against themselves,” he said.
He added that while the United States imposed a 25% tariff on India over its purchase of Russian oil, European countries did not join Washington’s efforts. “The Europeans were unwilling to join us, and it turns out because they wanted to do this trade deal,” he said.
Accusing Europe of placing trade interests above its stated concern for Ukraine, Bessent remarked, “Every time you hear a European talk about the importance of the Ukrainian people, remember that they put trade ahead of the Ukrainian people. European trade, more important than ending the war in Ukraine.”
His comments came a day after India and the European Union announced the conclusion of negotiations on a free trade agreement, bringing to a close talks that began nearly two decades ago. The deal, described by Indian officials as the “mother of all deals”, is India’s 19th trade agreement.
The agreement is expected to boost India’s exports to the 27-nation EU bloc and reshape competition across several domestic industries. It comes at a time when global trade is under pressure from high US tariffs, fragile supply chains and ongoing geopolitical tensions, including the Russia–Ukraine war.
India is currently facing elevated tariffs from the United States, while the European Union is also at risk of higher American duties.
