Reciprocal Tariffs
See no cause for concern for Indian cos from US tariffs, says Minister Goyal
This story was originally published at 16:20 IST on 18 February 2025
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--Minister Goyal to India industry: See no cause for concern from US tariffs
--CONTEXT: Minister Goyal speaking at NDTV Profit Conclave
NEW DELHI – There is no cause for concern for Indian industries from the reciprocal tariffs proposed by US President Donald Trump, Commerce and Industry Minister Piyush Goyal said on Tuesday. Washington has announced a plan to impose reciprocal tariffs on all nations, including India, based on the duty levied on the US goods.
"I don't think there is any cause for concern," Goyal said at an event organised by NDTV Profit. "Those who are panicking today will regret tomorrow." Also, given the large differential in labour costs between the two countries, there is no product where India can't compete against the US, Goyal added.
Though Trump has threatened to impose high tariffs on Indian goods on several occasions, India is hopeful that his stance towards New Delhi may soften after the meeting with Prime Minister Narendra Modi last week. The two leaders have agreed to negotiate a trade deal and have set a target to take bilateral trade to $500 billion by 2030.
Modi and Trump have agreed to negotiate a multi-sectoral Bilateral Trade Agreement and have set the aim to conclude its first tranche by December. "My own feeling is, we should enter into this negotiation from a position of strength," Goyal said. "It will open up a floodgate of new business opportunities."
The US is India's top export destination, with a share of 17% of India's total merchandise exports. In 2023-24 (Apr-Mar), India exported goods worth $77.52 billion to the US and had a trade surplus of $35.32 billion. End
US$1 = INR 86.95
Reported by Krity Ambey
Edited by Saji George Titus
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