India's Commerce Minister Piyush Goyal Addresses Concerns About US Tariffs
Amidst concerns about the potential impact of US President Donald Trump's import tariffs on India, Commerce Minister Piyush Goyal has sought to allay fears. Speaking at the India Today-Business Today Budget Round Table 2025, Goyal emphasized the strong relationship between India and the US, stating that past US governments have never allowed issues to hinder trade discussions.
Goyal expressed confidence that the two countries, as mature partners, can navigate any challenges that may arise. He also highlighted India's long-standing policy of not tolerating illegal immigration, aligning with the stance of the new US administration.
However, Goyal pointed out the disparity in formal trade figures between the two nations, citing the significant amount of money flowing from India to the US through avenues like student spending, which are not accounted for in official calculations.
Regarding the lack of bi and multi-lateral trade treaties under the Modi government, Goyal clarified that the government will only sign such agreements when they serve the national interest. He emphasized that there is no pressure to sign such treaties and that the government will prioritize national interests over deadlines.