‘Trump tariffs supply a possibility’: Piyush Goyal says India-US bilateral commerce deal by fall

Union Commerce Minister Piyush Goyal has mentioned that US President Donald Trump’s tariffs on India are a possibility in disguise.

In a dialog with Firstpost’s Managing Editor Palki Sharma on the Rising Bharat Summit 2025, Goyal mentioned that Trump’s tariffs have opened new alternatives for India and many of the industrial sectors acknowledge this.

Goyal mentioned, “Aside from one or two sectors, all people may be very excited. They see good potential going ahead. They’re supporting our engagement with the US and, collectively, they and us will convert this into a terrific enterprise tradition.”

Goyal additional mentioned that tariffs and different trade-related points are additionally going to addressed by the bilateral commerce settlement that ought to signed by fall.

LIVE: Union Minister @PiyushGoyal speaks to Firstpost’s Managing Editor @Palkisu on the #RisingBharatSummit2025. https://t.co/1pq4uTHhtA

— Firstpost (@firstpost) April 9, 2025

Final week, Trump introduced 10 per cent tariffs on all imports and slapped greater tariffs on a choose group of nations. He slapped 26 per cent tariffs on India and clubbed the nation among the many most-tariffed entities with Vietnam (46 per cent), Taiwan (32 per cent), South Korea (26 per cent), and Japan (24 per cent).

As for tariffs on India, Goyal mentioned that the federal government believes that “India was not a type of nations which actually wanted to have tariffs on them as a result of we had been already in engagement for a bilateral commerce deal”.

China is the rationale for tariffs, says Goyal

Goyal mentioned that Trump’s tariffs are rooted within the entry of China to the World Commerce Group (WTO) and its misuse by China.

Goyal mentioned that each India and the US have suffered by the hands of Chinese language unfair commerce practices.

China joined the WTO in 2001. Critics say that China took the benefit of the WTO’s framework for worldwide commerce by bringing in overseas funding and boosting its exports, and due to this fact boosting its GDP. Nevertheless, they are saying China didn’t open its markets sufficient for different nations and didn’t commerce pretty. As per an evaluation, China’s GDP grew by 49 per cent throughout 2002-06 in comparison with 32 per cent throughout 1997-2001. Even within the 2008 recession, China maintained 43 per cent development.

Trump is now attempting to reset such a system, mentioned Goyal.

“Indian producers, Indian business, and Indian commerce suffered massively. Equally, the US has suffered huge commerce deficits due to the non-market financial system that’s China due to their predatory pricing or unfair commerce practices. I feel the US is attempting to reset the principles of the sport,” mentioned Goyal.

As for India’s place in Trump’s tariffs regime, Goyal mentioned that India is in a a lot better place than others to strike a deal as “we’re proper up entrance within the queue as a result of we began early”.

In February, Prime Minister Narendra Modi was among the many first world leaders to carry talks with Trump and trade-related points are believed to have figured of their discussions.

Goyal additional mentioned, “We’re in fixed engagement and I feel we’ll be working with them to take off these further tariffs sooner or later. And India has a greater deal than a few of the different gamers within the business. And we’re a lot quicker on the block.”