US Trade Talks
To resume trade talks with US once clarity emerges on tariffs, says Goyal
This story was originally published at 20:32 IST on 24 February 2026
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--Minister Goyal: Will resume trade talks with US as soon as clarity emerges
NEW DELHI – India will resume talks with the US on a bilateral trade agreement once clarity emerges on tariffs, Commerce Minister Piyush Goyal said Tuesday. As per reports, India and the US postponed a scheduled meeting of their chief negotiators after the US Supreme Court Friday struck down most of the tariffs imposed by President Donald Trump.
In a fireside chat at the Business Standard Manthan event, Goyal was asked how soon India would resume trade talks with the US. The minister said, "As soon as there is more clarity in the situation."
The US Supreme Court struck down most of the tariffs imposed by Trump, noting that the president had exceeded his powers by imposing import duties on most of the country's trade partners. Trump has since imposed 10% tariff on all US imports for 150 days, effective Tuesday.
India and the US had announced a trade deal earlier this month, under which Washington had agreed to cut reciprocal tariffs on Indian goods to 18% and scrap the 25% punitive tariffs for New Delhi's energy purchases from Russia.
Finance Minister Nirmala Sitharaman had said Monday that it was too early to comment on the impact of developments on US tariffs on the Indian economy. The government is assessing the potential impact of the developments on India's bilateral trade deal with the US, announced earlier this month, she had said.
India's trade surplus with the US narrowed in January to $2.1 billion from $4.8 billion a year ago. India exported goods worth $6.60 billion to the US in January, down 22% on year. Imports from the US rose over 24% on year to $4.49 billion. India had a trade surplus of $28.53 billion with the US in Apr-Jan, down from $29.88 billion a year ago. End
US$1 = INR 90.95
Reported by Shubham Rana
Edited by Rajeev Pai
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