- President Trump wields tariffs as a wide-ranging coverage device.
- We are going to proceed to maneuver collectively and seize new markets: Goyal
- Analysts warning that fifty% responsibility is akin to a commerce embargo.
India won’t “bow down” and as a substitute give attention to capturing new markets, commerce minister Piyush Goyal mentioned in his first public remarks since Washington imposed steep tariffs on Indian items.
The 50% levies on many Indian imports into america took impact this week as punishment for New Delhi’s large purchases of Russian oil, a part of US efforts to stress Moscow into ending its battle in Ukraine.
Since his return to the White Home this 12 months, US President Donald Trump has wielded tariffs as a wide-ranging coverage device, with the levies upending international commerce.
Talking at a building trade occasion in New Delhi on Friday, Goyal mentioned India was “all the time prepared if anybody needs to have a free commerce settlement with us”.
However, he added, India “will neither bow down nor ever seem weak”.
“We are going to proceed to maneuver collectively and seize new markets.”
The newest tariffs salvo from Trump has strained US-India ties, with New Delhi earlier criticising the levies as “unfair, unjustified and unreasonable”.
Commerce talks between the 2 international locations have stumbled over agriculture and dairy markets.
Trump needs higher US entry, whereas Indian Prime Minister Narendra Modi is decided to protect India’s farmers, an enormous voter bloc.
The US was India’s high export vacation spot in 2024, with shipments price $87.3 billion.
However analysts have cautioned {that a} 50% responsibility is akin to a commerce embargo and is prone to hurt smaller corporations.
Exporters of textiles, seafood and jewellery have already reported cancelled US orders and losses to rivals akin to Bangladesh and Vietnam, elevating fears of heavy job cuts.
Goyal mentioned the federal government can be popping out with a number of measures within the coming days to help each sector and enhance exports.
“I can say with confidence that India´s exports this 12 months will exceed 2024-25 numbers,” he mentioned.
