On Trump Tariff, Piyush Goyal Says India Will Take All Steps to Safeguard National Interest
Trump has declared a 25% tariff on Indian exports starting August 1, along with penalties over purchases of Russian crude and defence equipment.
Commerce Minister Piyush Goyal on Thursday stated that the central government is examining the impact of the tariffs imposed on Indian products by US President Donald Trump.
“In April, Trump signed an executive order on tariffs, under which a baseline duty of 10% was imposed from April 5. For India, including the baseline, a total tariff of 26% was announced… This was later deferred to August 1. Four rounds of negotiations have taken place between India and the US, apart from virtual discussions on a trade deal,” Goyal said in the Lok Sabha.
Earlier on Wednesday, Trump declared that a 25% duty will be levied on all imports from India beginning August 1, along with an unspecified penalty due to India’s continued procurement of Russian crude oil and military hardware.
On Wednesday, the Indian government said it is reviewing the implications of the US President’s declaration to impose 25% tariffs on Indian products and an associated penalty from August 1.
“The Government has noted the statement made by the US President regarding bilateral trade. We are analysing its impact,” a government release stated.
India and the United States have been involved in discussions over the past few months, aiming to finalise a balanced, fair, and mutually beneficial trade agreement.
“We remain committed to achieving that goal,” the statement noted.
“The government places highest priority on the welfare of our farmers, MSMEs, and entrepreneurs. The Government will take all necessary measures to protect our national interest, just as it has done in the case of other trade arrangements, including the recently signed Comprehensive Economic and Trade Agreement (CETA) with the UK,” it further added.
