Commerce Minister Piyush Goyal told the Lok Sabha that the government is closely examining the implications of the newly announced 25 per cent tariffs by the United States on Indian goods. Piyush Goyal also assured the House that all necessary steps will be taken to protect India’s national interest in view of the 25 per cent tariffs on India.
In a suo motu statement in the Lok Sabha, Piyush Goyal also informed that the government was engaged in talks with exporters, industries and stakeholders on their assessment of the 25 per cent tariffs on India. The tariffs are to come into effect from August 1.
“Government is examining the impact of the recent events. Ministry of Commerce and Industry is holding talks with exporters, industries and all stakeholders and gathering information on their assessment of this issue," he said.
The Union minister also said, “Government gives utmost priority to the safeguarding of welfare of farmers, labourers, entrepreneurs, industrialists, exporters, MSMEs and stakeholders of the industrial sector. We will take all necessary steps to safeguard our national interest.”
He further informed the Lok Sabha that India and the US started talks for a just, balanced and mutually beneficial Bilateral Trade Agreement (BTA) in March 2025 and “the goal of this was to finish the first stage of the agreement by October-November 2025.”
THE 25% TARIFF ON INDIA
United States President Donald Trump announced a 25 per cent tariff on Indian goods starting August 1, citing India's high trade barriers, and an additional “penalty” for India's continued energy and defense ties with Russia.
Donald Trump criticised India’s military and oil imports from Russia, saying it has enabled Moscow to continue the war on Ukraine.
Donald Trump justified the 25 per cent tariff on “friend” India, saying it has imposed some of the “highest tariffs” on the United States and maintained “obnoxious” non-monetary trade barriers. Along with the 25 per cent tariff, India will also face an additional “penalty” for buying Russian oil.
