Amid rising concerns over the steep 50% tariff imposed by the United States on Indian goods, Union Commerce and Industry Minister Piyush Goyal urged calm on Thursday, expressing confidence that ongoing negotiations with Washington will help resolve the issues and lead to a fair, balanced agreement.
He emphasized that India and the US share strong diplomatic and trade ties and expressed confidence in reaching a “balanced, fair, and equitable” resolution.
Goyal, who led a team of senior Indian officials to Washington on May 17 for discussions with their US counterparts on the proposed Bilateral Trade Agreement (BTA), reiterated that there was no reason to panic.
“Well, I don’t think there’s any need to panic. We should allow the negotiations to happen. We continue to have very good relations with the United States, and I’m sure we’ll be able to resolve some of these issues and come to an equitable, fair, and balanced agreement,” Goyal was quoted as saying by news agency ANI.
During his visit, the minister held several meetings with US Trade Representative (USTR) Jamieson Greer and US Commerce Secretary Howard Lutnick. He stressed that there is “never a timeline” for trade talks, which must be handled with patience.
“You have to look at the future and decide what you want. Time will tell whether it works out well in a short time frame or a longer one,” he added.
“We should allow negotiations to take their course. India continues to maintain good relations with the United States, and I am confident we will be able to resolve these issues amicably.”
US President Donald Trump has imposed a cumulative 50% tariff on Indian exports.The additional 25% tariff, imposed over India’s purchases of Russian oil,comes on top of an earlier 25% duty, pushing total levies on a wide range of goods, including garments, gems and jewellery, footwear, sporting goods, furniture, and chemicals, to among the highest imposed by Washington, on par with those targeting Brazil and China.