'Focused on India's interest': Piyush Goyal on Trump's 25% tariff
What's the story
Union Commerce Minister Piyush Goyal has said the Indian government is looking into the impact of the 25% tariff imposed by United States President Donald Trump. The tariffs, announced on Wednesday, were a response to India's high tariffs and its military and energy ties with Russia. Responding to the tariff, Goyal, in a statement to the Lok Sabha, said India will protect its interests while negotiating any trade deal.
Statement
Ministry engaged with all stakeholders
"The implications of the recent developments are being examined by the government. The Ministry of Commerce and Industry is engaged with all stakeholders, including exporters and industry, for taking feedback on their assessment of the situation." "The government attaches the utmost importance to protecting and promoting the welfare of our farmers, workers, entrepreneurs, exporters, MSMEs and all sections of industry. We will take all necessary steps to secure and advance our national interest," the minister said.
Twitter Post
Goyal explains timeline
#WATCH | US Tariffs | Union Minister of Commerce and Industry Piyush Goyal says, "...On 2nd April 2025, the US President issued an executive order on reciprocal tariffs...10% baseline duty in effect since 5th April 2025. With a 10% baseline tariff, a total of 26% tariff was… pic.twitter.com/f1aN8JHBt9
— ANI (@ANI) July 31, 2025
Economic progress
From 11th to 5th largest economy
Furthermore, in an indirect response to Trump calling the Indian economy "dead," Goyal said India has grown from the 11th to the fifth largest economy in just over a decade. "It is also widely expected that we will become the third-largest economy in a few years. Today, international institutions and economists see India as the bright spot in the global economy. India has contributed to almost 16% of global growth," he added.
Tariff announcement
Trump imposes tariffs on all goods coming from India
On Thursday, Trump announced a 25% tariff on all goods coming from India, starting August 1. While he called India a "friend," he said the US and India have done little business "because their Tariffs are far too high...and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country." He also imposed an unspecified penalty for buying Russian crude oil and military equipment "at a time when everyone wants Russia to stop the killing in Ukraine."