India assessing tariff implications and vows to protect national interests: Piyush Goyal to Parliament

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.”

“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.

Once labelled as part of the “Fragile Five” economies over a decade ago, India has transformed into the fastest-growing large economy in the world. Global institutions and economists now widely regard it as a bright spot amid global uncertainty. Over the past decade, the government has actively promoted India as a global manufacturing hub, with exports seeing a steady rise over the last 11 years. The country has also strengthened its global trade ties by signing Free Trade Agreements (FTAs) with the UAE, the UK, Australia, and the EFTA bloc, while continuing negotiations with several other nations. These efforts form a key part of India’s broader ambition to realise the vision of *Viksit Bharat* — a developed and self-reliant nation.