India Won't Bow to Anyone, to Emerge as Winner

OF THE TOTAL, merchandise exports were $437.4 billion and the contribution of the US to the total was $86.4 billion.

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According to an estimate by trade policy think tank Global Trade Research Initiative (GTRI), India's exports to the US will decline by 40% this financial year, with the additional tariffs of 50%.

On the recent trade war initiated by US President Donald Trump and the dislocation it might cause in world trade, Goyal said that the world keeps evolving and international trade keeps finding new pathways. "What we are seeing is a churn that is bound to happen every few years. Every few years, new countries come up, some countries go down and this is part of the history of nations," he added.