India Unconcerned About Potential Tariff War with US Under Trump Administration
India's Commerce and Industry Minister, Piyush Goyal, expressed confidence that the country will not face any problems with the incoming Donald Trump administration, despite concerns about a potential tariff war.
Goyal emphasized the need to wait for the new government to take charge and express their official views before jumping to conclusions. He highlighted the continuous improvement in India-US relations over the past decade.
Goyal acknowledged President-elect Trump's proposals for significant tariff increases, particularly on goods from Mexico, Canada, and China, aimed at protecting domestic manufacturing. He also mentioned Trump's designation of India as a "tariff abuser" due to its trade surplus with the US.
Despite these concerns, Goyal expressed his eagerness to work with his US counterpart once the confirmation processes are completed. He emphasized the importance of discussing ways to further strengthen the economic partnership between the two nations.
In a separate meeting with Sophie Primas, Minister Delegate of France for Trade and French Nationals Abroad, Goyal raised concerns about the unilateral implementation of the Carbon Border Adjustment Mechanism and EU Deforestation Regulation. He argued that these measures would harm the domestic industry and highlighted the lack of financial and technological support from developed countries, who are the primary polluters.
Goyal emphasized India's position as the least polluting nation on a per capita basis.