Piyush Goyal’s Statement on US Tariffs

Mumbai:

Union Minister for Commerce and Industry Piyush Goyal stated that the Government is working on a bilateral trade agreement as decided between Prime Minister Modi and US President Trump in February. His remarks came in response to the tariffs imposed by Trump’s administration.

Piyush Goyal assured businesspersons that the government is “keeping India’s interests at the forefront” and expressed hope that the bilateral trade agreement will “power” the economy towards Viksit Bharat 2047.

On the impact of US tariffs, Union Minister Piyush Goyal told ANI, “We are working on a bilateral trade agreement as decided between Prime Minister Modi and US President Trump in February… We have had a series of engagements, all of which are moving in the right direction. We are covering a wide range of subjects and products. I can assure businesspersons across the country that we are keeping India’s best interests at the forefront… Our bilateral trade agreement will power the economy towards Viksit Bharat 2047…”

Meanwhile, Union Minister Hardeep Puri on Tuesday expressed confidence that India will emerge stronger from the fallout of the US administration’s tariffs once the bilateral trade agreement between the two countries is finalized.

“I am confident that India will do very well under the very able and wise leadership of the Prime Minister and his team,” he told reporters when asked to comment on President Trump’s reciprocal tariffs on trade partners.

Since assuming office for his second term, President Trump has reiterated his stance on tariff reciprocity, emphasizing that the United States will match tariffs imposed by other countries, including India, to ensure fair trade. In response to Trump’s reciprocal tariffs, some countries have imposed additional tariffs on US goods, escalating trade tensions. However, India has refrained from such measures as both countries are actively working on a trade pact.

“We will come out of this stronger than we are. Every challenge presents an opportunity, and India will take advantage of it,” he added.

Earlier, on Monday, US Secretary of State Marco Rubio and External Affairs Minister S Jaishankar discussed US tariffs on India following President Donald Trump’s announcement last week about imposing a 10% tariff on all imports to the US, which had caused concerns in the global market. The US has imposed 26% tariffs on Indian imports.

The discussion aimed to progress towards a fair and balanced trade relationship, as stated by US State Department spokesperson Tammy Bruce.

During Prime Minister Narendra Modi’s recent visit to the US, leaders of both countries resolved to deepen the US-India trade relationship to promote growth that ensures fairness, national security, and job creation. To this end, the leaders set an ambitious new goal for bilateral trade–“Mission 500”–aiming to more than double total bilateral trade to USD 500 billion by 2030.

Soon after, in early March, India’s Commerce Minister Piyush Goyal visited the US. This followed Trump and Modi’s plans to negotiate the first phase of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by the fall of 2025. The two leaders had committed to designating senior representatives to advance these negotiations.

Further, speaking about energy availability in global markets, Minister Hardeep Puri, who oversees the petroleum portfolio, said there is ample crude oil available in the market.

Speaking of India, he noted that the country has, over the years, diversified its crude oil sourcing to as many as 40 countries. He also highlighted India’s own exploration and production efforts to meet its energy demand.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)