‘India will not bow down’, trade minister Piyush Goyal says after US imposed 50% tariff on India

Minister of Commerce and Industry Piyush Goyal said that India will not “bow down” and instead focus on capturing new markets. Delivering his first public remarks since Washington imposed steep tariffs on Indian goods, Goyal said that India is ready to a have a free trade agreement with anyone who wants it.

Trump’s 50% levies on many Indian imports to the United States took effect this week, citing New Delhi’s massive purchases of Russian oil as a reason. This comes as a part of America’s efforts to pressure Moscow into ending its war in Ukraine.

Speaking at a construction industry event in New Delhi on Friday, the trade minister said India was “always ready if anyone wants to have a free trade agreement with us”.

But, he added, India “will neither bow down nor ever appear weak”.

“We will continue to move together and capture new markets.”

The latest US tariffs have triggered global uncertainties, also straining US-India ties, with Ministry of External Affairs earlier criticising the levies as “unfair, unjustified and unreasonable”.Also read: India’s commerce minister Piyush Goyal addresses US tariff impact on economy and exports

Trade talks between the two big economies have stumbled over agriculture and dairy markets as Trump wants greater US access, while PM Modi is determined to shield India’s farmers.

In 2024, the US was India’s top export destination, with shipments worth $87.3 billion.

Exporters of textiles, seafood, and jewellery have already reported cancelled US orders and losses to rival countries 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.