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Scott Bessent: “The 25% Russian oil tariffs are still on.”

Featuring: Scott Bessent, Republican | Secretary of the Treasury | National

Scott Bessent: 'We're reordering the global economy' | The Conversation

Published January 22, 2026 | Video Starts at 13:21

We put 25% tariffs on India for buying Russian oil and the Indian purchases by their refineries of Russian oil have collapsed. So that is a success. The tariffs are still on. The 25% Russian oil tariffs are still on. I would imagine that there is a pen has to take them off. So you know that that's a check and a huge success. (13:21–13:24)

CLAIM

Asserts that the 25% tariffs on Russian oil remain in effect.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Scott Bessent

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“We put 25% tariffs on India for buying Russian oil and the Indian purchases by their refineries of Russian oil have collapsed.”
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“Everyone knows in May, June, we were days away with these rare earth magnets from substantial shutdowns in our auto assembly lines.”
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“97% of the advanced semiconductors in the world are made in Taiwan.”
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“China issued a statement saying that for every good sold in the world that had 0.01% Chinese rare earths in it, they wanted an export…”
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“The Canadian economy is smaller than the economy of Texas.”
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“Four to six Fed governors and regional bank presidents have to leave for ethics violations out of 19.”
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“We're reordering the global economy, especially since the China shock in the early 2000s, that free trade was not fair trade.”
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“We're seeing trillions of dollars of investment flow back into the US.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 03:02-03:07
“We are seeing substantial tariff income and we are seeing the announcement of factories coming back, manufacturing coming back.”
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“For the third quarter GDP, trade actually was a positive contribution to GDP.”
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“The tariff levels that we've assigned to our trading partners, whether it's 15% with the EU, 15% with Japan, 19% for Vietnam.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 04:14-04:24
“We brought down the tariffs on the other side of the ledger. So these countries that had been charging US tariffs, that's those have been…”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 04:35-04:46
“They [China] also have a substantial youth unemployment problem.”
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“They [China] are in the midst of a full blown real estate crisis.”
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“They [China] have seen very substantial decrease in corporations, corporate margins.”
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“We've seen the lack of energy security from this manic push for net zero.”
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“We expect you to pay for part of the NATO defense.”
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“There are five to seven critical industries that got cut off during COVID that are essential to reshore in the US.”
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“We're moving at warp speed on [the critical minerals process] to get out from under the Chinese pressure.”
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“He views Greenland as essential to the US Gold golden dome missile shield.”
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“The tariffs are in place.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 12:11-12:14
“Before the Ukraine invasion, approximately 2 or 3% of Indian oil that went into their refineries came from Russia.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 13:45-13:56
“Europeans were buying refined products from Indian refineries made from Russian oil.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 13:45-13:56
“We are in a national emergency right now [due to rare earth materials].”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 17:32-17:48
“President Trump is using the IA tariffs and the negotiations, especially with the government of Taiwan to reshore the semiconductor…”
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“President Trump threatened 100% tariffs and the Chinese came to the table.”
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“Canada had a retroactive digital service tax on our US Internet providers.”
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“Canada should drop those digital services taxes.”
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“We have achieved a very good equilibrium [with China].”
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“President Trump will be visiting Beijing in April.”
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“Party Chair Xi will be coming either to D.C. or Mar a Lago, probably over the summer.”
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“We have a trade agreement with [China].”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 27:27-27:30
“The Chinese have implemented and have kept up their side [of the trade agreement].”
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“They actually completed their soybean purchases last week, their full allocation.”
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“We are going to see a fantastic economic year in 2026.”
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“Working Americans have very substantial refunds coming. 100, 150 billion that we're going to see in the first quarter.”
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“We've seen real wages increase every month since President Trump has come in.”
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“Observable inflation is actually below the Fed target now.”
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“The Biden administration torched, torched working Americans. We had the greatest inflation in 49 years.”
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“In 2026, we are happy to own this. We're going to see real wage increases.”
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“We are going to see inflation back below the Fed targets.”
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“We are not trying to decouple from China. We're trying to de-risk [our supply chains].”
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“This administration has created 2.5 trillion in new lending capacity that can go to American business, to Americans.”
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“The Fed is a sprawling institution that has gotten out of control.”
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“The American people have to believe in the Fed or you see the worst inflation in 49 years.”
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“The Fed chair is one vote and steers the committee.”
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“The President values the independence of the Fed.”
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“These Fed moves have been one of the things that have pushed this inequality in the US.”
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“We do everything from the Mint to monitoring the international relations.”
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“We're implementing the one big beautiful tax bill because most of the implementation or the guidance is done at a Treasury.”
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“The Fed has to be like Caesar's wife, beyond reproach.”
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“Since last spring I have been calling for the Fed to do internal reviews on all these things.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 44:29-44:35
“We are not being taken advantage of. The jobs are not being shipped overseas.”
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“We are going to bring back high precision manufacturing jobs.”
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“We are going to grow our way out of this debt problem.”
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“We have put sanctions on Iranian oil. We cut down their access to the dollar market.”
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“The Iranian leadership is wiring money out of the country like crazy.”
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“The Russians hate the [Ukraine] trade deal. Ukrainians love it. And it will be the centerpiece of the economic recovery in Ukraine.”
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