Union Minister Piyush Goyal on India's take on US recent tariffs Latest news
Union Minister Piyush Goyal says Govt is examining impact of US recent tariffs; Taking Feedbacks
Union Minister Piyush Goyal on India's take on US recent tariffs Latest news: Union Minister of Commerce and Industry Piyush Goyal, speaking in Parliament on Thursday on the reciprocal tariff imposed by the US, said that the ministry is examining the implications and will take necessary steps to secure and advance national interest.
Union Minister of Commerce and Industry Piyush Goyal said, "...On 2nd April 2025, the US President issued an executive order on reciprocal tariffs...10% baseline duty in effect since 5th April 2025. With a 10% baseline tariff, a total of 26% tariff was announced for India. Full country-specific additional tariff was scheduled to come into effect on 9th April 2025. But on 10th April 2025 this was extended initially for 90 days and then extended till 1st August 2025."
He said, “The implication of the recent developments are being examined by the Govt...We will take all necessary steps to secure and advance our national interest... The Ministry of Commerce and Industry is engaged with all stakeholders, including exporters and industry for taking feedback of their assessment of this situation.”
“Government attaches the 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...” he added.
He also stated that in less than a decade, “India came out of 'Fragile Five' economies and it has now become the fastest-growing economy of the world.”
“On the basis of the hard work of reforms, farmers, MSMEs and industrialists, we have come in the top 5 economies of the world from the 11th largest economy. It is expected that we would be the third largest economy in a few years. Today, global institutions and economists see India as a bright spot in the global economy...”
Looking forward to the goal of Viksit Bharat 2047, he said, “...The Government is confident that we will continue our swift journey of inclusive and consistent development towards the goal of Viksit Bharat 2047. Aatmanirbharta ki ore Bharat aatmavishwas se badh raha hai.”
US President Donald Trump on 30 July 2025 announced a steep tariff rate of 25% on imports from India starting August 1, stating India has “the most strenuous and obnoxious non-monetary Trade Barriers of any Country” and that India will also pay a penalty for trading with Russia.
In a post on Truth Social today, he called India’s economy “dead,” which the Lok Sabha Leader of Opposition and Congress MP Rahul Gandhi backed, saying “yes he is right. Everybody knows this—except the Prime Minister and the Finance Minister.”
“Everybody knows that the Indian economy is a dead economy. I’m glad that President Trump has stated this fact. The entire world knows it. The BJP has finished the economy to benefit Adani," Rahul Gandhi added.
(For more news apart from “Union Minister Piyush Goyal says Govt is examining impact of US recent tariffs; Taking Feedbacks ,” stay tuned to Rozana Spokesman)
