Fresh look at India-US trade deal? May be ‘rebalanced’ if circumstances change, says Piyush Goyal

India-US trade deal: Commerce minister Piyush Goyal has said that India will continue to watch out for its interests and in the evolving situation around tariffs, the trade deal with the US may be rebalanced. Highlighting the uncertain global trade environment, Goyal said the situation remains fluid.

Goyal’s comments assume significance after the US Supreme Court ruled that Donald Trump administration's reciprocal tariffs are illegal. Soon after, Trump signed an executive order to impose a 10% global tariff on America’s trading partners, and this may be raised to 15%. Goyal’s comments also come a day after US commerce secretary Howard Lutnick met him in Delhi.

‘Focused on getting best trade deal with US’

Goyal said that India’s proposed trade pact with the United States could be adjusted if necessary, stressing that the country will safeguard its economic interests in view of changing tariff signals from Washington.

“It’s an evolving situation. Trump administration has made some comments, they have other tools that they can use, next week they can increase it to 15%. Various dialogues are going on. I had said that if the circumstances change, the deal will be rebalanced,” Goyal reportedly said at a CNN-News 18 event.

Referring to the mutual understanding between the two countries, the minister said the possibility of revising the agreement has already been acknowledged. “India-US joint statement says that should circumstances change, the deal will be rebalanced.”

Goyal said India continues to remain in discussions with the United States as negotiations move forward. Commenting on potential tariff measures by Washington, he said India would closely monitor developments while ensuring its national interests remain protected.

“On US tariffs: will wait and watch and ensure India’s best interests are protected.”

He added that the US administration has several policy options at its disposal. “There are many tools that Trump administration can use in this evolving situation; one of them the 10% tariff move,” he said.

Responding to concerns raised by the agriculture and dairy sectors, the minister said that key sensitive areas have been safeguarded in the proposed agreement.

“No GM foods will come into India,” he said.

He also stated that several farm-related sectors have been kept outside the scope of the arrangement. “Dairy, maize, soybean, poultry is exempt from US trade deal. We have preserved interests of farmers, dairy. No GM foods will come into India. The deal preserves our interests.”