‘The government is assessing the effects of tariffs imposed by America’, Piyush Goyal said in Lok Sabha

New Delhi: Union Commerce and Industry Minister Piyush Goyal told the Lok Sabha on Thursday July 31, 2025 that the government is examining the implications of recent events (US tariffs)… We will take all necessary steps to protect our national interests. The Ministry of Commerce and Industry is interacting with exporters, industries and all stakeholders and collecting information based on their assessment on the issue. Let us know in detail what he said.

Union Commerce and Industry Minister Piyush Goyal on Thursday July 31, 2025 shared the government’s stand on the tariffs imposed by the US in the Lok Sabha. The Union Minister said that in March 2025, India and the US started negotiations for a fair, balanced and mutually beneficial bilateral trade agreement (BTA). The aim was to complete the first phase of the agreement by October-November 2025. The two sides finalized the detailed Terms of Reference (TOR) to start trade talks during the discussion in the first digital meeting held in New Delhi on 29 March 2025.

The Union Minister said that after this, four rounds of physical talks have been held between the two sides in New Delhi and Washington DC. Its purpose was to finalize the bilateral trade talks (BTA) as per the TOR. Apart from this, several virtual meetings have also taken place between the two sides. Goyal said – We will take all necessary steps to protect our national interests

Union Commerce and Industry Minister Piyush Goyal said, “The government is examining the implications of recent events… We will take all necessary steps to protect our national interests. The Ministry of Commerce and Industry is interacting with exporters, industries and all stakeholders and collecting information based on their assessment on the issue.

The government gives top priority to the welfare of farmers, laborers, entrepreneurs, industrialists, exporters, MSMEs and stakeholders of the industrial sector. We will take all necessary steps to protect our national interests.”

Also read: US Tarrifs: The decision of 50 percent tariff on copper may cost American industries, claims GTRI report

Union Commerce and Industry Minister Piyush Goyal said that on April 2, 2025, the US President issued an executive order on reciprocal tariffs. The 10% baseline duty came into effect from April 5, 2025. With a 10% baseline tariff, a total tariff of 26% was announced for India. The additional tariff was scheduled to come into effect on 9 April 2025. But on 10 April 2025, it was initially extended for 90 days and then extended to 1 August 2025.”

India is contributing almost 100% to global growth

Piyush Goyal said that in just less than a decade, India has become the fastest growing major economy in the world from five fragile economies. We have grown from the 11th largest economy to one of the top 5 economies on the strength of our reforms, the hard work of our farmers, MSMEs and entrepreneurs. It is also widely expected that we will become the third largest economy in a few years. Today, international institutions and economists see India as a bright spot in the global economy. India is contributing about 16% to global growth.

Goyal said, “In the last decade, the government has taken transformative steps to establish India as the world’s manufacturing hub under the ‘Make in India’ initiative. India’s young, skilled and talented workforce is driving innovation and competitiveness of Indian industry.

Our exports have grown steadily over the last 11 years. In an increasingly protectionist world, India has entered into mutually beneficial trade agreements with the UAE, UK, Australia and EFTA countries. We are committed to entering into similar trade agreements with other countries as well.

We are making continuous efforts to promote the welfare, prosperity of farmers and Indian agriculture and ensure food security. The government is confident that we will continue our fast-paced journey of inclusive growth and sustainable development towards the goal of Developed India 2047.” Piyush Goyal said that India is moving with confidence towards self-reliance.