India to defend its interest, pursue US talks in parallel

India has vowed to defend its national interest after the US imposed stiff tariffs on its goods, even as it works to conclude a trade deal that's in the best interests of both.

- Dhirendra Kumar

On Thursday, economists counted the cost of tariffs on India's exports and growth, even as the stock market took the news in its stride.

"The government attaches 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," commerce minister Piyush Goyal said in the parliament. The Centre is examining the implications of these tariffs and is engaged with all stakeholders, he said.

Meanwhile, US President Donald Trump ratcheted up his rhetoric, a day after he announced a 25% tariff plus a penalty on Indian goods from 1 August. India and Russia "can take their dead economies down together", Trump commented, expressing displeasure over the continued trade and defence links between the two countries.