New Delhi: Following US President Donald Trump’s announcement of a 25% tariff on Indian exports and a obscure “penalty” linked to India’s vitality offers with Russia, Union Minister of Commerce and Business Piyush Goyal on Thursday stated that “the federal government will take all essential steps to guard the nation’s pursuits.”
Throughout his tackle within the Lok Sabha, Piyush Goyal stated, “…On 2nd April 2025, the US President issued an government order on reciprocal tariffs…10% baseline responsibility in impact since fifth April 2025. With a ten% baseline tariff, a complete of 26% tariff was introduced for India. A full country-specific further tariff was scheduled to come back into impact on ninth April 2025. However on tenth April 2025 this was prolonged initially for 90 days after which prolonged until 1st August 2025.”
Goyal stated that the federal government is analyzing the impression of the latest occasions, including, “The Ministry of Commerce and Business is holding talks with exporters, industries, and all stakeholders and gathering info on their evaluation of this challenge. Authorities offers utmost precedence to the safeguarding of the welfare of farmers, labourers, entrepreneurs, industrialists, exporters, MSMEs, and stakeholders of the economic sector. We’ll take all essential steps to safeguard our nationwide curiosity.”
#WATCH | US Tariffs | Union Minister of Commerce and Business Piyush Goyal says, “Authorities is analyzing the impression of the latest occasions…We’ll take all essential steps to safeguard our nationwide curiosity.”
“Authorities is analyzing the impression of the latest occasions. Ministry of… pic.twitter.com/C6rHFIRRI5
— ANI (@ANI) July 31, 2025
“In March 2025, India and the US began talks for a simply, balanced, and mutually useful Bilateral Commerce Settlement (BTA). The purpose of this was to complete the primary stage of the Settlement by October-November 2025…” he added.
“In lower than a decade, India got here out of the ‘Fragile 5’ economies, and it has now change into the fastest-growing financial system on this planet. Based mostly on the laborious work of reforms, farmers, MSMEs, and industrialists, we have now come within the prime 5 economies of the world from the eleventh largest financial system. It’s anticipated that we would be the third-largest financial system in a couple of years. Immediately, world establishments and economists see India as a shiny spot within the world financial system…” he additional added.
On Wednesday, US President Donald Trump introduced that India, regardless of being known as a “good friend,” might be subjected to a 25% tariff on its exports, together with further penalties attributable to its continued purchases of Russian oil and navy gear. The measures are set to take impact from August 1.
Posting on Fact Social, Trump acknowledged, “Bear in mind, whereas India is our good friend, we have now, through the years, completed comparatively little enterprise with them as a result of their tariffs are far too excessive, among the many highest on this planet—and so they impose a few of the most strenuous and unreasonable non-monetary commerce boundaries of any nation.”
He additional criticized India’s protection and vitality ties with Moscow, saying, “India has all the time purchased a overwhelming majority of their navy gear from Russia and stays Russia’s largest vitality purchaser, together with China, at a time when the worldwide neighborhood desires Russia to cease the killing in Ukraine.”
In a separate put up, Trump emphasised that the August 1 deadline “stands robust and won’t be prolonged.”
In response to the announcement, the Ministry of Commerce and Business stated the Indian authorities has taken observe of the U.S. President’s assertion on bilateral commerce.