Trump's Tariff Bomb: Will take all steps in nation's interest says Goyal
Speaking in the Lok Sabha and then Rajya Sabha on Thursday, Goyal also said India has gone from being listed as a 'fragile' economy to being on track to becoming the third-largest economy in the world. This statement is being seen as a response to Trump's "dead economy" jibe at India.
Goyal said the US president had, on April 2, issued an executive order on reciprocal tariffs and a 10% baseline tariff had come into effect three days later. The additional duty on India, including the baseline tariff, was set at 26%. The country-specific tariffs were then suspended for 90 days initially, and further till August 1.
The minister informed Parliament that India and the US began negotiations on a fair, balanced and mutually bilateral trade agreement in March, with the aim of finalising the first phase by October-November 2025. The first physical meeting was held in New Delhi in March, and four more meetings were held in New Delhi and Washington DC. Several virtual meetings have also been held, he said.
"The implications of the recent developments are being examined by the government. The Ministry of Commerce and Industry is engaged with all stakeholders, including exporters and industry, for taking feedback on their assessment of the situation. The government attaches the utmost importance to protecting and promoting the welfare of our farmers, workers, entrepreneurs, exporters, MSMEs and all sections of industry. We will take all necessary steps to secure and advance our national interest," the minister said amid slogan-shouting by the Opposition.
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