Union Minister Piyush Goyal briefed the Parliament on the US tariffs on Thursday, July 31. While briefing the Lok Sabha, Goyal said that the Commerce Ministry is assessing the impact of the tariffs announced by US President Donald Trump.The Union Minister of Commerce and Industry said, “Government is examining the impact of the recent events…We will take all necessary steps to safeguard our national interest.”
“Government is examining the impact of the recent events. Ministry of Commerce and Industry is holding talks with exporters, industries and all stakeholders and gathering information on their assessment of this issue. Government gives utmost priority to the safeguarding of welfare of farmers, labourers, entrepreneurs, industrialists, exporters, MSMEs and stakeholders of the industrial sector. We will take all necessary steps to safeguard our national interest,” he added.
The US President Trump had earlier announced that the United States will introduce a 25% tariff on imports from India beginning August 1. He also mentioned that India will face an additional, unspecified penalty on the same date due to the country’s trade and defence ties with Russia.”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 said in the Lok Sabha.First Published: Jul 31, 2025 4:27 PM IST
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