India refuses to yield to Trump's tariffs, focuses on expanding global markets: Piyush Goyal

Srinagar, Aug 30: Union Commerce Minister Piyush Goyal has asserted that India will not "bow down" to the tariffs imposed by U.S. President Donald Trump and will instead focus on expanding into new markets.

In his first comments since the tariffs were implemented, Goyal emphasized that India remains open to pursuing a free trade agreement. Earlier this month, Donald Trump imposed a 50% tariff on several Indian imports to the United States in retaliation for New Delhi’s substantial purchases of Russian oil. These tariffs, which came into effect this week, are part of the U.S. strategy to pressure Moscow to halt its war in Ukraine.

Since reclaiming the White House in January, Trump has made tariffs a central tool of his broader foreign policy, disrupting global trade. The new tariffs have significantly strained U.S.-India relations, with New Delhi condemning the move as “unfair, unjustified, and unreasonable.”

As per reports Trump wants greater US access, while Prime Minister Narendra Modi is determined to shield India's farmers. He has even started a ‘swadeshi’ push.

According to data, The US was India's top export destination in 2024, with shipments worth $87.3 billion. But analysts have cautioned that a 50 percent duty is akin to a trade embargo and is likely to harm smaller firms.

Reports suggest that exporters of textiles, seafood and jewellery have already reported cancelled US orders and losses to rivals such as Bangladesh and Vietnam, raising fears of heavy job cuts.

Trade negotiations between the two nations have also faced hurdles, particularly over issues related to agriculture and dairy markets.