Commerce Minister Piyush Goyal said on Friday that New Delhi is watching the “evolving” tariff situation in the US after a landmark ruling by the US Supreme Court struck down President Donald Trump’s sweeping tariffs last week.
Speaking at the Rising Bharat Summit, Goyal insisted that India’s core interests are protected as the country’s trade negotiations with the United States remain on track.
“We are in dialogue with the administration in the US and, of course, internal consultation,” Goyal said. “We will have to wait and watch and ensure the best interests of India are protected.”
Goyal emphasised that although New Delhi is closely watching the situation, India’s primary objective remains securing a “competitive advantage” over other emerging and developing economies.
“At 50 percent tariff, we were at a huge disadvantage in our exports, and the fact that we were able to bring it down to lower than the rest of our competition, it’s a huge win for India,” he said.
The negotiated reduction, he said, positions India more favourably than competing developing nations across sectors including textiles, leather, pharmaceuticals, diamonds, and smartphones—the last of which he noted had seen a sharp export surge over the past two years.
Goyal also pointed to a key clause in the joint statement already finalised with Washington, which states that should circumstances change, the deal would be “rebalanced”—language he said was significant. “The sanctity of the deal is maintained on both sides,” he said.
Goyal pushed back against critics who argued India had moved too hastily in concluding a framework agreement before the Supreme Court verdict, which some believe may have strengthened New Delhi’s hand. He insisted the deal’s value lay not in the absolute tariff figure but in the competitive advantage it secured over rival economies. “Trade is not only about what the tariff is,” he said.
On timelines, Goyal dismissed any speculation of a deadline for the deal. “I never negotiate with a deadline or a timeline. We negotiate to get the best deal for India and for 140 crore Indians,” he said.
The Trump administration, meanwhile, has signalled it retains other tools, with a possible tariff increase to 15 percent flagged for the coming weeks.
Goyal also underscored that the India-US relationship extends beyond simple trade in goods—it is a strategic partnership encompassing technology transfers, AI investments, and resilient supply chains through initiatives like the ‘Pax Silica’.
While the geopolitical climate remains turbulent, with questions lingering over Russian oil and Middle East tensions, Goyal remains optimistic, predicting that India’s exports will surpass last year’s figures despite the global uncertainties.
First Published: Feb 27, 2026, 14:48
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