New Delhi, Feb 27 (UNI) India is in a wait-and-watch mode following the US Supreme Court ruling on tariffs, said Commerce and Industry Minister Piyush Goyal on Friday.
The minister described it as an evolving situation and asserted that the government remains committed to protecting the country’s interests. Speaking at a media event, Minister Goyal said, “It’s an evolving situation. The Trump administration has made some comments. They have other tools that they can use. Next week, they can increase tariffs to 15 per cent. Various dialogues are going on. I had said that if the circumstances change, the deal will be rebalanced.”
The minister also reassured stakeholders that India remains committed to engagement. “I can reassure all the friends in the room and all your viewers and all our countrymen that India stays committed to engaging for the best possible opportunities,” he said.
Goyal noted that the opportunities negotiated with the United States were aimed at securing the best possible deal for India in terms of competitive advantage over other emerging economies and developing nations, and to open doors for greater engagement in areas of national interest.
He was also optimistic about the outcome of the trade deal with the US. “There are so many positives in the US deal. Let us see how the situation moves forward. International trade deal is about competitive advantage. The sensitive dairy and farm sectors have been protected in the proposed arrangement,” he said.
“No GM foods will come into India. Dairy, maize, soybean, and poultry are exempt from the US trade deal. We have preserved the interests of farmers, dairy. The deal preserves our interests,” the minister said.
He further said that the trade deal or international trade is about comparative advantage. “If everybody is at X rate, nobody gets a competitive advantage. But if I am lower than somebody else who is my competitor, I have a comparative advantage. At 50 per cent tariff, India was at a huge disadvantage in exports. Bringing it down to a level lower than competitors was a huge win for the country,” he said.
On Thursday, Piyush Goyal hosted United States (US) Secretary of Commerce Howard Lutnick and US Ambassador to India Sergio Gor to hold a discussion around trade and economic partnership.
