Very disappointed: US Treasury Secretary on India-EU trade deal

Scott Bessent, US Secretary of the Treasury | Photo credit: Bloomberg

“Again, they have to do what’s best for themselves, but I can tell you that I find the Europeans very disappointing because the Europeans are on the front lines of the war between Ukraine and Russia,” U.S. Treasury Secretary Scott Bessent said Wednesday in an interview with CNBC’s “Squawk on thUS-e Street.”

Bessent was responding to a question about the “huge” trade deal between Europe and India and whether it poses a threat to America as countries without Washington move forward with free trade.

“…India started buying sanctioned Russian oil, and guess who bought the refined products? The Europeans. So the Europeans financed the war against themselves and are into something you couldn’t have invented.” “The US has sanctioned India or imposed a 25 percent tariff on its purchase of Russian oil. The Europeans were unwilling to join us, and it turns out they wanted to make this trade deal. So every time you hear a European talk about the interest of the Ukrainian people, remember that they have put trade before the Ukrainian people. Trade – European trade is more important than ending the war in Ukraine,” Bessent said.

Asked whether Europeans need energy, Bessent said: “For a price they want cheap energy, but we could also get cheaper energy if we were willing to buy sanctioned Russian oil.” Bessent’s comments were the second in as many days by the Trump administration on the India-EU trade deal, which has been called the ‘mother of all deals’. As Prime Minister Narendra Modi, European Commission President Ursula von der Leyen and European Council President Antonio Costa led the signing of the trade deal in New Delhi on Tuesday, US Trade Representative Jamieson Greer said India came out on top in the trade deal.

“I have looked at some of the details of the deal so far. Frankly, I think India will come out on top in this. They will get more market access to Europe,” Greer had said in an interview with Fox Business.

Greer was responding to a question on the India-EU trade deal.

“It sounds like they (India) have some additional immigration rights. I’m not sure, but EU President (Ursula) von der Leyen has talked about the mobility of Indian workers to Europe,” Greer said.

“So I think India is going to have a boom with this. They have cheap labor, and it looks like the EU is doubling down on its commitment to globalization as we try to solve some of the problems of globalization here in the US,” Greer had said.

When asked if he has any impressions about the India-EU trade deal, Greer said, “I do. First of all, it is strategically important to understand that because President Trump has prioritized domestic production and has actually started charging a fee for other countries to access our market, these countries are trying to find other outlets for their overproduction. And so the EU is turning to India to find a place.” “The EU is so dependent on trade that they need other markets if they can’t keep sending all their stuff to the United States.” India and the European Union have struck the landmark free trade deal – billed as the ‘mother of all deals’ – to create a market of two billion people, with Modi and the EU’s top brass unveiling a transformative five-year agenda to boost trade and defense largely in safeguarding the rules-based global order.

The two sides also signed two crucial agreements – one on security and defense cooperation and another on the mobility of Indian talents to Europe – after Prime Minister Modi hosted Von der Leyen and Costa for summit talks amid frosty ties with the US.

The free trade deal, which will account for almost a quarter of global GDP, will cut tariffs on 99 percent of Indian exports to the EU and cut duties on more than 97 percent of EU exports to India, according to officials.

Indian sectors such as textiles, apparel, leather goods, handicrafts, footwear and marine products will benefit from the FTA, while Europe will benefit in areas including wine, automobiles, chemicals and pharmaceuticals.

Published on January 29, 2026