A day after US President Donald Trump announced 25 percent tariffs on Indian exports, along with penalties, Commerce Minister Piyush Goyal on Thursday said India would take all steps to protect national interests.
Commerce Minister informed the Lok Sabha that the government is examining the implications of the just-announced 25 per cent US tariffs on Indian goods.
"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," Goyal said in Lok Sabha.
Goyal's statement follows the Commerce Ministry's response on Wednesday, which, taking note of US President Donald Trump's statement, said, "The government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs."
US President Donald Trump has declared that a 25 per cent import tariff and penalty will be imposed on Indian goods starting August 1st. This will make Indian exports to the United States more costly and is expected to impact India's export industry. Earlier this year on April 2nd, Trump had initially announced a 26% tariff on India, which was subsequently delayed until July 9th. The exemption period was later extended to August 1st. The United States has now confirmed the implementation of the 25% tariff and penalty on Indian imports.
(This is breaking news. More details to follow.)
