India Hits Pause on US Trade Deal Amid Tariff Limbo
The minister’s remarks came on the heels of Trump’s 10 per cent tariff against all trading partners for 150 days.
New Delhi: Commerce minister Piyush Goyal on Friday said that India would continue watching developments following the US Supreme Court’s verdict against tariffs and the joint statement on the proposed interim trade deal may be rebalanced. With the uncertain global trade environment, the minister also said that the situation remains fluid.
As India is keen to secure the best trade deal with the US to ensure it has an edge over its competitors, Goyal also said that the fate of deals, finalised by Washington, remain uncertain after President Donald Trump’s tariffs were invalidated. Outlining the approach to the proposed deal, the minister also said that the government seeks win-win arrangements that will bring India competitive advantage, though he would not put a timeline on completing trade deals.
“New Delhi will wait and watch how the Trump administration proceeds on tariffs, but remains keen to engage for the “best possible opportunities” in a deal with the US. India’s proposed trade pact with the US could be adjusted if necessary and the country will safeguard its economic interest in view of changing tariff signals from Washington,” the Goyal said in an interview at the Rising Bharat Summit here.
The minister’s remarks came on the heels of Trump’s 10 per cent tariff against all trading partners for 150 days. The temporary 10 per cent tariff was imposed on February 24 after the US Supreme Court struck down Trump’s April 2025 decision to impose reciprocal tariffs on all imports. On February 24, Trump also announced further increasing the tariffs to 15 per cent.
When asked if the changes in tariffs provide incentives for India, Goyal also said that it gives an opportunity to domestic firms to continue exports without hindrance. “But bear in mind, the deal was better because it had many other elements. So, till we finally ink it, I am not in a position to share every detail. Though all the sensitive matters have already been clarified. But I can assure you that there are so many more positives to the deal that we should wait. Let us see how the situation moves forward,” he said.
On Thursday, Goyal discussed trade and economic partnership with US commerce secretary Howard Lutnick over lunch in New Delhi in a meeting that came as a surprise as Lutnick’s private visit to India had not been publicized. Earlier, New Delhi and Washington had planned to sign the deal in March and it would be operational in April. However, India has delayed its plan to send a trade delegation to Washington last week after the US apex court struck down the tariffs.
