Trump signals no more trade talks, Goyal says parleys still on

Commerce minister confident India's FY26 exports will exceed last year's tally

- SHREYA NANDI & ASIT RANJAN MISHRA

US President Donald Trump ruled out the possibility of fresh trade negotiations with India on Thursday, a day after the US decided to levy a 50 per cent tariff on Indian goods shipments into the country. However, on Friday evening, Union Commerce and Industry Minister Piyush Goyal stated that India was negotiating trade agreements with several countries, including the US.

The minister also averred that reciprocal tariffs imposed by the US administration would not lead to de-globalisation but result in countries restructuring their trade routes and partners, while underlining his confidence that India's exports in 2025-26 (FY26) will exceed the FY25 tally. India had shipped out goods worth $437 billion in FY25.

Earlier, responding to a question in the Oval Office about whether he expected increased trade negotiations with India since his 50 per cent tariff announcement, Trump said: "No, not until we get it resolved."

Last week, the US administration had announced a 25 per cent reciprocal tariff, effective August 7, on Indian goods. On Wednesday, it imposed another 25 per cent tariff on Indian exports to the US, blaming its crude oil purchases from Russia.