NEW DELHI — Commerce and Industry Minister Piyush Goyal said Friday that India is prepared to rebalance its proposed trade agreement with the United States if necessary to protect national interests, citing the evolving global trade environment following a U.S. Supreme Court ruling that struck down tariff hikes announced earlier by the Trump administration.
“Given the evolving situation on U.S. tariffs, we will wait and watch and ensure India’s best interests are protected,” Goyal said at a media event in the capital.
Describing the situation as fluid, the minister noted that the Trump administration retains multiple policy tools at its disposal. “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,” he said.
Goyal pointed out that the India-U.S. joint statement already provides for flexibility. “The India-US joint statement says that should circumstances change, the deal will be rebalanced,” he added.
Bilateral trade discussions between New Delhi and Washington are continuing, even as both sides assess the implications of the court’s decision and subsequent policy signals from Washington. In an apparent reference to President Donald Trump’s remarks after the ruling, Goyal said, “There are many tools that the Trump administration can use in this evolving situation; one of them is the move to levy a 10 per cent tariff.”
Despite the uncertainty, the minister struck an optimistic tone about the broader trade framework. “There are so many positives in the US deal; let us see how the situation moves forward. International trade deal is about competitive advantage,” he said.
Goyal reiterated that India has safeguarded sensitive domestic sectors in the proposed arrangement. “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,” he said.
He also expressed confidence that India’s exports will continue to grow this year despite global headwinds.
Meanwhile, India and the United States have agreed to reschedule an official meeting on the interim bilateral trade agreement to allow both sides to factor in the Supreme Court’s judgment. A three-day meeting between delegations led by the two countries’ chief trade negotiators had been scheduled to begin in the U.S. on February 23. A new date will be finalized at a mutually convenient time, officials said. (Source: IANS)
