Won't 'bow down' to Trump's tariffs: Piyush Goyal
What's the story
Union Commerce and Industry Minister Piyush Goyal has said that India will not "bow down" to the 50% tariffs imposed by United States President Donald Trump. The tariffs, which came into effect this week, are part of US efforts to pressure Russia over its actions in Ukraine. Speaking at a construction industry event in New Delhi, Goyal said India is always ready for free trade agreements but won't compromise its self-respect.
Export optimism
Exports to exceed last year's figures
Goyal also expressed confidence that India's exports this year will exceed those of last year. He said the government will announce measures to support every sector and boost exports. The tariffs have strained US-India ties, with New Delhi earlier criticizing them as "unfair, unjustified, and unreasonable." Trade talks between the two countries have stalled over agriculture and dairy markets.
Self-sufficiency call
Industries urged to make initiatives self-sufficient
Goyal also urged industries to make initiatives fully independent and self-sufficient. He assured government support in managing trade-related stress and highlighted fresh export commitments from the iron ore mining and steel industry. The minister acknowledged the "current situation emanating from certain unilateral actions" and urged industries to flag affected sectors for government assistance in finding alternate markets.
Domestic focus
Efforts to boost domestic demand
Goyal also highlighted efforts to boost domestic demand, including a forthcoming GST Council meeting. He assured that the impact of these changes would be felt quickly, boosting the domestic manufacturing sector. Despite the uncertainty in India's export sector due to Trump's tariffs, a commerce ministry official said they would "not be a very long-term loss." The ministry is expediting an Export Promotion Mission and outreach programs in major markets.
Negotiation hopes
Commerce ministry meeting exporters on tariff shock
The Ministry of Commerce and Industry is also meeting exporters from affected sectors to discuss ways to ease the tariff shock. Officials quoted by The Times of India said India remains hopeful of resuming negotiations with the US on a bilateral trade deal, emphasizing that additional tariffs would need to be addressed.