NEW YORK : Speaking in an interview with CNBC on Wednesday, Bessent reacted sharply to the “historic” India-EU free trade agreement finalised on Tuesday, a pact described by European Commission President Ursula von der Leyen as the “mother of all deals.”

Bessent alleged that European countries had continued purchasing refined products made in India using Russian oil supplies, while simultaneously declining to align with the United States on imposing higher tariffs on Indian goods. According to him, Europe’s reluctance stemmed from its ongoing trade negotiations with India.

“The Europeans were unwilling to join us, and it turns out, because they wanted to do this trade deal,” Bessent said, adding that Europe had put “trade ahead of the Ukrainian people.” He also noted that the US had imposed additional 25 per cent tariffs on India last year, citing India’s purchase of Russian oil.

Under the India-EU agreement, the EU will eliminate tariffs on 99 per cent of Indian exports by value over a seven-year period. Duties on labour-intensive goods worth $33 billion, including textiles, leather, footwear, gems and jewellery, will be removed as soon as the pact is signed.

India, in turn, will cut tariffs on 96.6 per cent of EU exports, with nearly one-third of the reductions taking effect immediately once the agreement becomes operational in early 2027.

The deal was highlighted during the India-EU Summit, where Prime Minister Narendra Modi hosted European Council President Antonio Costa and von der Leyen. Both leaders were also chief guests at India’s Republic Day celebrations, underscoring the growing strategic and economic ties between New Delhi and Brussels.