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Scott Bessent: “We put 25% tariffs on India for buying Russian oil and the…”

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 13:05

We'll see. But he has walked a lot of his tariff threats back. Well, he's also achieved his goal in many of these things. Right. 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. (13:05–13:19)

CLAIM

Asserts that U.S. tariffs on India for buying Russian oil led to a collapse in Indian purchases of Russian oil.

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

“They [the Fed] were doing large scale asset purchases for 15 months after the vaccine was announced.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 05:20-42:39
“Everyone knows in May, June, we were days away with these rare earth magnets from substantial shutdowns in our auto assembly lines.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 18:17-18:31
“97% of the advanced semiconductors in the world are made in Taiwan.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 19:36-19:42
“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…”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 20:41-21:03
“The Canadian economy is smaller than the economy of Texas.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 22:28-22:33
“Four to six Fed governors and regional bank presidents have to leave for ethics violations out of 19.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 40:33-40:54
“We're reordering the global economy, especially since the China shock in the early 2000s, that free trade was not fair trade.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 02:28-02:40
“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.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 03:07-03:17
“For the third quarter GDP, trade actually was a positive contribution to GDP.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 03:25-03:32
“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.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 05:20-29:55
“They [China] are in the midst of a full blown real estate crisis.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 05:20-30:00
“They [China] have seen very substantial decrease in corporations, corporate margins.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 05:20-30:10
“We've seen the lack of energy security from this manic push for net zero.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 05:47-05:59
“We expect you to pay for part of the NATO defense.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 07:36-07:42
“There are five to seven critical industries that got cut off during COVID that are essential to reshore in the US.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 07:56-08:19
“We're moving at warp speed on [the critical minerals process] to get out from under the Chinese pressure.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 08:35-08:42
“He views Greenland as essential to the US Gold golden dome missile shield.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 10:49-10:56
“The tariffs are in place.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 12:11-12:14
“The 25% Russian oil tariffs are still on.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 13:21-13:24
“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…”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 19:51-20:01
“President Trump threatened 100% tariffs and the Chinese came to the table.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 21:06-21:12
“Canada had a retroactive digital service tax on our US Internet providers.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 23:11-23:18
“Canada should drop those digital services taxes.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 23:28-23:33
“We have achieved a very good equilibrium [with China].”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 26:05-26:18
“President Trump will be visiting Beijing in April.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 27:04-27:09
“Party Chair Xi will be coming either to D.C. or Mar a Lago, probably over the summer.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 27:08-27:17
“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].”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 27:30-27:34
“They actually completed their soybean purchases last week, their full allocation.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 28:00-28:07
“We are going to see a fantastic economic year in 2026.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 30:44-30:51
“Working Americans have very substantial refunds coming. 100, 150 billion that we're going to see in the first quarter.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 31:09-31:19
“We've seen real wages increase every month since President Trump has come in.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 31:58-32:05
“Observable inflation is actually below the Fed target now.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 32:28-32:33
“The Biden administration torched, torched working Americans. We had the greatest inflation in 49 years.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 32:52-33:01
“In 2026, we are happy to own this. We're going to see real wage increases.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 33:18-33:25
“We are going to see inflation back below the Fed targets.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 33:24-33:30
“We are not trying to decouple from China. We're trying to de-risk [our supply chains].”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 36:34-36:41
“Housing is not a free market because there's a tax arbitrage.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 36:47-36:52
“This administration has created 2.5 trillion in new lending capacity that can go to American business, to Americans.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 37:40-37:49
“The Fed is a sprawling institution that has gotten out of control.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 40:12-40:17
“The American people have to believe in the Fed or you see the worst inflation in 49 years.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 40:53-40:59
“The Fed chair is one vote and steers the committee.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 42:07-42:13
“The President values the independence of the Fed.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 42:19-42:22
“These Fed moves have been one of the things that have pushed this inequality in the US.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 42:58-43:06
“We do everything from the Mint to monitoring the international relations.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 43:27-43:34
“We're implementing the one big beautiful tax bill because most of the implementation or the guidance is done at a Treasury.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 43:34-43:45
“The Fed has to be like Caesar's wife, beyond reproach.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 44:08-44:13
“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.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 45:37-45:44
“We are going to bring back high precision manufacturing jobs.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 46:17-46:23
“We are going to grow our way out of this debt problem.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 46:30-46:34
“We have put sanctions on Iranian oil. We cut down their access to the dollar market.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 48:21-48:28
“The Iranian leadership is wiring money out of the country like crazy.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 48:30-48:35
“The Russians hate the [Ukraine] trade deal. Ukrainians love it. And it will be the centerpiece of the economic recovery in Ukraine.”
Scott Bessent: 'We're reordering the global economy' | The Conversation | Uploaded January 22, 2026 | 49:58-50:08