Minister explains why Trump tariffs aren't cause for panic: 'You have to...'
India and the US have had several round of talks over trade, which assumes even more importance in the face of Donald Trump's 50% tariffs on Indian imports.
Union Minister Piyush Goyal on Thursday asserted that there was no need to panic as far as India's ongoing trade negotiations with the United States were concerned, adding that the country continues to have "very good relations" with Washington.
Union Minister of Commerce & Industry Piyush Goyal spoke about the India-US trade negotiations. (ANI)
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Goyal's remarks came a week after US President Donald Trump's additional 25% tariffs on Indian imports took effect, doubling up the duties to 50%. The increased tariffs were imposed as a penalty for India's oil trade with Russia.
“Well, I don't think there's any need to panic. We should allow the negotiations to happen. We continue to have very good relations with the United States, and I'm sure that we'll be able to resolve some of these issues and come to an equitable, fair and balanced agreement…,” Goyal was quoted as saying by news agency ANI.
Goyal also asserted that there is "never a timeline" when it comes to trade talks, and that they have to be handled patiently.
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"You have to look at the future and decide what you want. Time will tell whether it works out well in a short time frame or a longer time frame..," he further added.
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"You have to look at the future and decide what you want. Time will tell whether it works out well in a short time frame or a longer time frame..," he further added.
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Several rounds of trade negotiations have taken place between India and the US over the past few months. Both the countries were also reportedly engaged in trade talks before the additional 25% duties took effect on August 27.
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US treasury secretary Scott Bessent, who has been critical of India over its oil trade with Russia, had said that New Delhi was being “a bit recalcitrant” in trade talks with the US.
Back then, Bessent had said that the trade negotiations could be wrapped up by the end of October.
The trade negotiations between India and the US were set to take place from August 25-29, but weeks before the schedule, it was reported that the talks may be deferred to a later date.
A team from the US was set to arrive in India for the next round of negotiations in August.
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Home/India News/Minister explains why Trump tariffs aren't cause for panic: 'You have to...'
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