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Informist, Tuesday, Feb. 3, 2026

 

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--CONTEXT: Trade Minister Piyush Goyal addresses media on India-US trade deal 
--Trade minister: India got best trade deal with US among peer nations 
--Trade minister: Protected India farm, dairy sectors in US trade deal 
--Trade minister: MSME, engineering sectors to benefit from US trade deal 
--Trade minister: Textiles, leather sectors to benefit from US trade deal 
--Trade minister: Gems and jewellery sector to benefit from US trade deal 
--Trade minister: India-US trade deal a step for India's faster growth 
--Trade minister: India-US trade deal under final stages of detailing 
--Trade minister: To shortly issue joint statement, details on US trade deal 
--Trade minister: US trade deal will protect interest of every Indian 
--Trade minister: US deal to open opportunities for labour-intensive sectors 
--Trade minister: US deal gives India opportunities to get world class tech
--Govt source: India-US trade deal joint statement likely within a week 
--Trade official: Negotiations with US to continue even after deal 

 

NEW DELHI – India has ensured that the interests of sensitive sectors such as agriculture and dairy are protected in the trade deal with the US, which lowered tariffs on imports from the country to 18% from 50%, Commerce and Industry Minister Piyush Goyal said Tuesday.

 

Late Monday, US President Donald Trump said Prime Minister Narendra Modi has committed to buy American goods at a much higher level, in addition to over $500 billion worth of US energy, technology, agricultural, coal, and other products. The White House had imposed a 50% tariff on import of Indian goods in August, which included a 25% reciprocal tariff and 25% punitive tariff.

 

Goyal said India has safeguarded sensitive sectors in the trade deal, details of which are being finalised. The two countries will soon issue a joint statement on the details of the trade deal, Goyal told reporters in a press conference. 

 

A trade ministry official, who did not want to be identified, said the joint statement may come within a week. The official also said that negotiations with the US will continue even after the current deal is signed.

 

Goyal hailed the trade deal saying the agreement will bring "lots of opportunities for India" and is poised to benefit a broad range of industries such as medium, small, and micro enterprises, engineering, leather, textile, as well as gems and jewellery. He said India has secured "one of the best deals among its peer nations."

 

The agreement comes after months of diplomatic strain between the two countries. The two sides concluded the trade deal during External Affairs Minister S. Jaishankar's three-day visit to the US that started Monday. India has committed to cut tariff and non-tariff barriers for US goods to zero, Trump said in a post on Truth Social. However, Modi's post on social media site X did not mention the commitment of zero duty on American goods.  

 

A government source aware of the negotiations said that "no written commitment" has been made to the US on the purchase of crude oil from Russia, and that "India maintains its stand of procuring its energy needs from diversified sources".

 

Asked how the deal is likely to shift the balance of trade with the US, the official said it "will depend on how India's exporters take advantage of the opportunity and expand their trade".

 

Minister Goyal said India has "got the best trade deal" with the US that gives the country opportunities to get world class tech. He said India's fishermen and seafood exporters are set gain from lower US tariffs. The minister, however, did not take any questions at the press conference.  End

 

Reported by Shubham Rana, Pallavi Singhal, and Asim Khan 

Edited by Ashish Shirke

 

US$1 = INR 90.26

 

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