Treasury secretary Scott Bessent said the US made much bigger sacrifices than the European countries in the Russia-Ukraine conflict. "We have put 25% tariffs on India for buying Russian oil. Guess what happened last week? The Europeans signed a trade deal with India," Bessent said, explaining that Russian oil goes to India and then Europeans buy refined products from India. "They are financing the war against themselves," Bessent said.
India and the EU will announce the 'mother of all deals' at the India-EU summit Tuesday. "I will travel to India. There is still work to do. But we are on the cusp of a historic trade agreement. Some call it the mother of all deals. One that would create a market of 2 billion people, accounting for almost a quarter of global GDP," European Commission president Ursula von der Leyen said in an address at the World Economic Forum in Davos last Tuesday.
