Will Take All Steps for Nation's Interest': India on Trump's Tariff

Trump says India and Russia can take their dead economies down together

- OUR CORRESPONDENT

NEW DELHI: A day after US President Donald Trump announced a 25 per cent tariff on Indian exports and an unspecified "penalty" from August 1 because of India's energy purchases from Russia, Union Commerce Minister Piyush Goyal said the Centre is studying the implications of the move and will take all necessary steps to safeguard India's national interest.

In a suo motu statement in the Lok Sabha and then in the Rajya Sabha on Thursday, Goyal also said India has gone from being listed as a 'fragile' economy to being on track to becoming the third-largest economy in the world. His statement is being dubbed as a response to Trump's "dead economy" jibe at India.

Goyal said the US president had, on April 2, issued an executive order on reciprocal tariffs and a 10 per cent baseline tariff had come into effect three days later. The additional duty on India, including the baseline tariff, was set at 26 per cent. The country-specific tariffs were then suspended for 90 days initially, and further till August 1.

The minister informed Parliament that India and the US began negotiations on a fair, balanced and mutually bilateral trade agreement in March, with the aim of finalising the first phase by October-November 2025. The first physical meeting was held in New Delhi in March, and four more meetings were held in New Delhi and Washington DC. Several virtual meetings have also been held, he said.

The minister said the government is examining the implications of these tariffs and is engaged with all stakeholders including exporters and industry for taking feedback of their assessment of the situation.