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India to safeguard national interests, says Piyush Goyal on US tariffs
This comes a day after US President Donald Trump announced a 25 per cent tariff on all exports from India to the United States, starting August 1. This move also includes a penalty for India's continued purchases of Russian military and energy equipment.
Addressing the Lok Sabha, Goyal updated the House on the state of India-US trade relations and negotiations on a Bilateral Trade Agreement (BTA).
Tariff rollout and deferral timeline
The minister informed Parliament that the baseline tariff of 10 per cent came into effect on April 5, 2025. While the additional country-specific duty was initially scheduled to be implemented from April 9, it was deferred on April 10 for a period of 90 days, and later extended until August 1, 2025.
'These developments are being assessed carefully. The Ministry of Commerce and Industry is in active consultation with exporters and industry stakeholders to understand their concerns and formulate an appropriate response,' Goyal told the House.
Goyal said that India and the US have been engaged in structured negotiations for a fair and balanced Bilateral Trade Agreement since March 2025, aiming to conclude the first phase by Fall 2025. The first physical meeting took place on March 29, 2025, in New Delhi, where both sides finalised the Terms of Reference for the talks.
'Four rounds of physical negotiations have taken place, two each in New Delhi and Washington, DC, in addition to several virtual discussions,' Goyal said.
Reaffirming confidence in India's economic growth, Goyal said that the government remains committed to protecting the interests of farmers, MSMEs, exporters, and industries. 'In less than a decade, India has emerged from being part of the 'Fragile Five' economies to becoming the fastest-growing major economy in the world,' he said.
He credited this transformation to reforms and the efforts of India's entrepreneurs, MSMEs, and farmers. 'India has risen from being the 11th-largest economy to among the top five. It is expected that within a few years, we will become the third-largest economy in the world.'
Goyal said that international organisations now view India as a 'bright spot' in the global economy, contributing nearly 16 per cent to global growth. The government has steadily boosted exports and signed trade deals with partners such as the UAE, UK, Australia, and the EFTA nations, he added.
Focus on agriculture and development goals
The minister also reiterated the government's commitment to Indian agriculture. 'We are continuously working for the welfare of our farmers and Indian agriculture, to ensure food security and overall prosperity,' he said.
Goyal said that the government is confident in India's continued high-growth path. 'We will continue our fast-paced journey towards the goal of a developed India by 2047, with inclusive and sustainable growth.'
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