New Delhi, February 27: Commerce and Industry Minister Piyush Goyal stated on Friday that in light of the recent decision by the US Supreme Court to cancel the tariff increases announced by the Trump administration, India will strive to rebalance the proposed trade agreement with the United States to protect its interests if necessary.
Goyal made these remarks during a media event, emphasizing, “Given the changing circumstances regarding US tariffs, we will monitor the situation closely and ensure the protection of India’s interests.”
He noted, “The situation is continuously evolving. The Trump administration has made certain statements; they have other measures they could implement. Next week, they might increase tariffs to 15 percent. Additionally, various discussions are ongoing. I mentioned that if circumstances change, we will seek to rebalance the agreement.”
The minister highlighted that the joint statement between India and the US indicates that if conditions change, a rebalancing of the agreement will be pursued.
He further stated that bilateral trade talks with the US are ongoing amidst these changing circumstances. Referring to the Supreme Court’s decision and President Trump’s announcements, Goyal remarked, “The Trump administration could utilize several measures in this changing scenario, including the imposition of a 10 percent tariff.”
Goyal expressed optimism regarding the outcomes of the trade agreement with the US. He said, “There are many positive aspects to the agreement with the US; let’s see what unfolds. International trade agreements revolve around competitive advantages.”
He reiterated that sensitive dairy and agricultural sectors are protected under the proposed arrangement.
Despite global challenges, he mentioned that India’s exports are expected to grow this year.
India and Washington have decided to reschedule the official meeting on the interim bilateral trade agreement to consider the implications of the US Supreme Court’s decision to annul the tariff increases made by the Trump administration.
The three-day meeting, initially set for February 23 in the US, will have a new date determined that is convenient for both parties.
My name is Himanshu Tiwari. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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