Proposed US trade deal can be 'rebalanced': Piyush Goyal
What's the story
India's Commerce and Industry Minister Piyush Goyal has hinted that the proposed trade deal with the US could be "rebalanced" if necessary. The statement comes amid changing tariff signals from Washington. Goyal emphasized that India will safeguard its economic interests in this evolving scenario. He made these remarks at the News18 Rising Bharat Summit 2026 while referring to ongoing discussions between both nations.
Trade strategy
India is engaging with Trump administration: Goyal
Goyal stressed that India is closely following the evolving situation while engaging with the Trump administration. He assured that India's commitment to diplomatic and economic engagement remains strong. The minister also clarified that the terms negotiated with the US are aimed at securing the best possible outcome for India, giving it a clear edge over other developing countries.
Tariff impact
Proposed deal offers many benefits beyond percentage points
When asked if a reduction to 18% would be enough, Goyal said it ensures uninterrupted exports. However, he stressed that the proposed deal includes many benefits beyond simple percentage points. He noted that a 50% tariff had previously put India at a major export disadvantage. Bringing it down to below what global competitors pay is a huge victory for the country, he argued.
Trade dynamics
Goyal on comparative advantage in international trade deals
Goyal emphasized the importance of comparative advantage in international trade deals. He said, "If everybody is at X rate, nobody gets a competitive advantage. But if I am lower than somebody else who is my competitor, I have a comparative advantage." The minister also assured that while some clauses remain confidential until the agreement is signed, it offers "so many more positives."
Sector protection
Sensitive segments protected in proposed arrangement, assures Goyal
Addressing concerns from the farm and dairy sectors, Goyal reiterated that sensitive segments have been protected in the proposed arrangement. He said, "No GM foods will come into India." The minister also clarified that dairy, maize, soybean, and poultry are exempt from the US trade deal. "We have preserved interests of farmers," he added.
Negotiation delay
India, US to resume talks on proposed trade deal soon
India and the US will resume talks on their proposed interim trade deal once there is more clarity on Washington's tariff changes. The three-day meeting, originally scheduled to start in Washington on Monday, was postponed after the US administration changed its tariff regime. Officials said the talks would be rescheduled after both countries assess the implications of these developments.