India in "Wait-and-Watch" Mode on US Tariffs, Says Piyush Goyal

Speaking at the News18 Rising Bharat Summit, the minister said India is closely monitoring developments while continuing dialogue with the administration of U.S. President Donald Trump.

"This is an evolving situation. We are watching what is happening. We are in dialogue with the administration in the U.S. and, of course, internal consultations. We will have to wait and watch and ensure the best interests of India are protected," Goyal said.

He reassured stakeholders that India remains committed to engagement. "I can reassure all the friends in the room and all your viewers and all our countrymen that India stays committed to engaging for the best possible opportunities," he added.

Goyal noted that the opportunities negotiated with the United States were aimed at securing the best possible deal for India in terms of competitive advantage over other emerging economies and developing nations, and to open doors for greater engagement in areas of national interest.

When asked whether India's position in negotiations was changing after the Supreme Court verdict, Goyal reiterated that the situation remains fluid. Referring to recent remarks by President Trump, he said there are various tools that the U.S. administration could use and that "different evolving dialogues" are underway.

"There are different evolving dialogues that are going on. We'll have to watch. And by the way, you must have read my joint statement that we have finalized with the U.S. It has categorically said that should the circumstances change, the deal would be rebalanced," the Minister stated..

Responding to a question on whether a 15 per cent tariff, compared to 18 per cent, could serve as an incentive, Goyal said it would allow exports to continue without hindrance. However, he emphasised that the deal contains several additional positive elements beyond tariff numbers.

"Trade deal or international trade is about comparative advantage," he said. "If everybody is at X rate, nobody gets a competitive advantage. But if I am lower than somebody else who is my competitor, I have a comparative advantage."

He noted that at 50 per cent tariff, India was at a huge disadvantage in exports. Bringing it down to a level lower than competitors, he said, was a huge win for India.

The minister maintained that while details cannot be shared until the deal is finalised, there are "so many more positives" in the agreement and urged stakeholders to wait and watch how the situation moves forward.

- ANI