Govt committed to safeguarding India's farmers, workers and entrepreneurs: Piyush Goyal on US tariffs in LS

In response to the United States' decision to impose a 25% tariff on Indian goods and American President Donald Trump’s critical remarks about the Indian economy, Union Commerce Minister Piyush Goyal told the Lok Sabha on Thursday that the government stands firm in protecting the interests of Indian farmers, workers, and entrepreneurs.

Goyal, in a suo motu statement in the Lok Sabha, said the government is studying the implications of these tariff announcements, which take effect from August 1.

“We are committed to safeguarding the interests of our farmers, workers and small entrepreneurs. The government will take all necessary steps to protect national interest,” Goyal said in the lower house.

In his address, Goyal detailed the timeline of US tariff decisions and how the country held several rounds of talks with Trump administration. “On 2nd April 2025, the US President issued an executive order on reciprocal tariffs...10% baseline duty in effect since 5th April 2025. With a 10% baseline tariff, a total of 26% tariff was announced for India. Full country-specific additional tariff was scheduled to come into effect on 9th April 2025. But on 10th April 2025 this was extended initially for 90 days and then extended till 1st August 2025,” he said.

"In March 2025, India and the US started talks for a just, balanced and mutually beneficial Bilateral Trade Agreement (BTA). The goal of this was to finish the first stage of the Agreement by October-November 2025," Goyal added.

"India moved from one of the world's fragile economies to world's top five economies," commerce minister said.

His remarks came hours after Trump posted on Truth Social, saying, “I don’t care what India does with Russia. They can take their dead economies down together, for all I care… Their tariffs are too high, among the highest in the world.”

The US administration’s move to levy 25% tariffs plus penalty on Indian exports comes amid Washington’s growing discomfort with India’s ongoing trade and energy ties with Russia.

(More to come)