India's Economic Stance Amidst New US Tariffs
India is actively engaging with stakeholders to address the implications of the new US tariffs imposed by President Trump. Commerce Minister Piyush Goyal emphasizes the importance of protecting national interest and India's robust economic growth. India continues its pursuit of advantageous bilateral trade agreements to bolster exports and industry.
- Country:
- India
Commerce and Industry Minister Piyush Goyal has vowed to take decisive action to protect India's national interest following the recent imposition of a 25% tariff by the US on Indian exports, effective August 1. The move, announced by US President Donald Trump, includes an additional penalty for India purchasing Russian oil and military equipment.
In a statement to Parliament, Goyal emphasized the government's commitment to safeguarding the interests of farmers, workers, exporters, and various sectors of industry. He stressed that the government is consulting with stakeholders to assess the tariffs' impact, underscoring India's stance on protecting its agricultural and dairy sectors in ongoing trade negotiations.
The trade talks with the US aim to more than double the bilateral trade to $500 billion by 2030. While the US seeks concessions in agriculture, India focuses on securing duty reductions for sectors like gems, jewelry, and auto parts. With a rapidly growing economy, India continues to negotiate beneficial trade agreements and maintains its strength as a manufacturing hub.
(With inputs from agencies.)
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