Piyush Goyal said in Lok Sabha that the govt is working towards safeguarding India’s national interest. He further added that India has risen from the 11th to the fifth largest economy in the past decade due to the contributions of its farmers and MSMEs.
Union Commerce Minister Piyush Goyal, speaking in the Lok Sabha during the Monsoon Session, addressed concerns over the tariffs imposed by US President Donald Trump on Indian goods. He said that under the executive order issued in April, a 10% baseline duty came into effect from April 5, with a total of 26% tariff applied on Indian products.
He further confirmed that four rounds of formal discussions have already been held between India and the US, in addition to ongoing virtual talks.
India-US standoff
Piyush Goyal‘s statement comes after US President Donald Trump‘s announcement of slapping India with 25% tariffs. The Parliament was already bracing for a fiery debate on Thursday as the Opposition was anticipated to corner the government on the issue.
Trump had made the tariff announcement on Truth Social where he said that the move comes as a penalty for India for continuing to buy weapons and energy from Russia when the war in Ukraine is still ongoing. He pointed out that India has long relied on Russia for most of its military equipment and is one of the biggest buyers of Russian oil, along with China. He added that such actions are not helpful when the world is urging Russia to end the war in Ukraine. India, on the other hand, has often said that Russia is a trusted and long-time ally.
Will India compromise on buying Russian oil?
India is one of the world’s largest oil importers. After the West placed sanctions on Russia, Moscow started offering oil at cheaper rates. By 2023, India was buying around 1.66 million barrels of Russian oil a day—more than double what it bought in 2022—making it Russia’s biggest seaborne oil buyer.
India has many times in the past made it clear that it will not stop buying oil from Russia just because the US or Europe wants it to. Foreign Minister S Jaishankar has explained earlier that India’s oil choices are based on price and supply, not politics.
Even while defending India’s oil purchases, Jaishankar pointed out that Europe was also buying oil and gas from Russia during the war’s early months. He said Europe had the right to make its own choices, and so did India. Europe’s demand for oil from the Middle East, which used to supply India, has also made it harder for India to get affordable oil elsewhere.