US Treasury Secretary Scott Bessent has warned India of increasing secondary tariffs over the Russian oil trade. He said the raise in tariffs is dependent on the outcome of US President Trump's high-stakes meeting with Russian President Putin.

Bessent accused European states of continuing to purchase refined fuel from Indian refineries that process Russian crude -- a move he says undermines the so-called “united front” against Moscow.

Scott Bessent described America's reciprocal tariffs as a "melting ice cube," suggesting they could be reduced or eliminated altogether.