U.S. Treasury Secretary Scott Bessent said Washington plans to raise tariffs on Indian goods after accusing New Delhi of “profiteering” from discounted Russian crude. Speaking on CNBC, Bessent claimed some of India’s wealthiest families pocketed about US$16 billion by refining cheap Russian oil and reselling petroleum products to markets that have sanctioned Moscow. He noted Russian crude accounted for less than 1 percent of India’s imports before the Ukraine invasion but roughly 42 percent today, calling the arbitrage “unacceptable.” The impending duties, whose precise rate has not yet been released, would mark an escalation of the Trump administration’s trade pressure following last year’s 145 percent levy on Chinese goods. A day earlier, former White House trade adviser Peter Navarro used a Financial Times opinion piece to warn that continued Russian purchases could jeopardise U.S. technology transfers to India, signalling a tougher line toward a country long seen as a strategic partner. Shipping data compiled by Reuters show India imported 1.5 million barrels a day of Russian crude in July, down 24.5 percent from the previous month as discounts narrowed and state refiners paused some purchases. Russia still supplied 34 percent of India’s total 4.44 million-barrel-a-day intake, keeping it ahead of Iraq and Saudi Arabia. Analysts expect volumes to fall further in September amid U.S. pressure, with Indian refiners switching to Middle-East and U.S. grades. New friction with Washington comes as New Delhi moves to stabilise relations with Beijing. During a two-day visit, Chinese Foreign Minister Wang Yi and Prime Minister Narendra Modi agreed on a 10-point roadmap that includes new mechanisms for managing their disputed Himalayan border, easing visa rules and facilitating trade and investment flows. China will back India’s hosting of the 2026 BRICS summit, while India will support China’s 2027 edition, and Modi confirmed he will attend the Shanghai Cooperation Organization meeting in Tianjin at the end of this month.