'Very disappointing': Trump's Treasury Secretary says Europe prioritised trade over Ukraine with EU-India FTA
India and the European Union on Tuesday sealed a landmark free trade agreement-- billed as the "mother of all deals" -- to create a market of two billion people.
US Treasury Secretary Scott Bessent criticised Europe's decision to conclude a major trade agreement with India, saying the move indicated that the European Union had prioritised commercial interests over its professed support for the Ukrainian people. Speaking to CNBC, Bessent on Wednesday said he was disappointed by Europe's decision to move ahead with the agreement, claiming Brussels had chosen trade interests despite the ongoing war in Ukraine. "They should do what's best for themselves, but I will tell you, I found, I find the Europeans very disappointing," he said.
His remarks came a day after the European Union finalised its long-pending trade pact with India, aimed at boosting bilateral trade and reducing Europe’s reliance on the United States amid rising global trade tensions. Under the agreement, tariffs on 96.6 per cent of traded goods by value will be reduced or eliminated, a move expected to potentially double EU exports to India by 2032 and generate duty savings of around 4 billion euros for European companies.
Europe put trade ahead of Ukrainian people
Bessent said the deal also explained why the European Union declined to align with Washington's decision to impose higher tariffs on India last year. "The Europeans were unwilling to join us, and it turns out, because they wanted to do this trade deal," he said. "So every time you hear a European talk about the importance of the Ukrainian people, remember that they put trade ahead of the Ukrainian people."
Bessent went on to accuse European countries of indirectly funding Russia's war by purchasing refined fuel products made from Russian crude oil. "Russian oil goes into India, refined products come out, and the Europeans buy the refined products," he said, arguing that Europe was effectively "financing the war against itself."
The US Treasury Secretary noted that he had raised similar concerns last week, even before the trade agreement was formally concluded.
Bessent on India buying Russian oil
In an earlier interview with ABC News, he pointed out that Washington had imposed 25 per cent tariffs on India over its purchases of Russian oil, even as Europe proceeded with its trade deal.
"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. "And just to be clear again, the Russian oil goes into India, the refined products come out, and the Europeans buy the refined products. They are financing the war against themselves."
Bessent also said the Trump administration had applied greater pressure on Moscow than its European counterparts in efforts to end the conflict. "Trump has worked to negotiate a settlement on the Russia-Ukraine conflict," he said, adding that the United States had made "much bigger sacrifices" than Europe.
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