NEW DELHI: India will not “bow down” and instead focus on capturing new markets, trade minister Piyush Goyal said in his first public remarks since Washington imposed steep tariffs on Indian goods.
The 50-percent levies on many Indian imports into the United States took effect this week as punishment for New Delhi’s massive purchases of Russian oil, part of US efforts to pressure Moscow into ending its war in Ukraine.
Since his return to the White House this year, US President Donald Trump has wielded tariffs as a wide-ranging policy tool, with the levies upending global trade.
Speaking at a construction industry event in New Delhi on Friday, Goyal said India was “always ready if anyone wants to have a free trade agreement with us”.
India says knock-on impact of US tariffs poses economic challenges
But, he added, India “will neither bow down nor ever appear weak”.
“We will continue to move together and capture new markets.”
The latest tariffs salvo from Trump has strained US-India ties, with New Delhi earlier criticising the levies as “unfair, unjustified and unreasonable”.
Trade talks between the two countries have stumbled over agriculture and dairy markets.
Trump wants greater US access, while Indian Prime Minister Narendra Modi is determined to shield India’s farmers, a huge voter bloc.
The US was India’s top export destination in 2024, with shipments worth $87.3 billion.
India’s economy unexpectedly picks up steam despite Trump’s tariff threats
But analysts have cautioned that a 50-percent duty is akin to a trade embargo and is likely to harm smaller firms.
Exporters of textiles, seafood and jewelry have already reported cancelled US orders and losses to rivals such as Bangladesh and Vietnam, raising fears of heavy job cuts.
Goyal said the government would be coming out with several measures in the coming days to support every sector and boost exports.
“I can say with confidence that India’s exports this year will exceed 2024-25 numbers,” he said.
Comments
Comments are closed for this article.