India will not ‘bow down’, Trade Minister Piyush Goyal says after US’ steep tariff salvo

NEW DELHI – India will not “bow down” and instead focus on capturing new markets, Trade Minister Piyush Goyal said in his first public remarks since Washington imposed steep tariffs on Indian goods.

The 50 per cent levies on many Indian imports into the United States

took effect this week

as punishment for New Delhi’s massive purchases of Russian oil, part of US efforts to pressure Moscow into ending its war in Ukraine.

Since his return to the White House, US President Donald Trump has wielded tariffs as a wide-ranging policy tool, with the levies upending global trade.

Speaking at a construction industry event in New Delhi on Aug 29, Mr Goyal said India is “always ready if anyone wants to have a free trade agreement with us”.

But, he added, India “will neither bow down nor ever appear weak”.

“We will continue to move together and capture new markets,” he said.

The latest tariff salvo from Mr Trump has strained US-India ties, with New Delhi earlier criticising the levies as “unfair, unjustified and unreasonable”.

Trade talks between the two countries have stumbled over agriculture and dairy markets.

Mr Trump wants greater US access, while Indian Prime Minister Narendra Modi is determined to shield India’s farmers, a huge voter bloc.

The US was India’s top export destination in 2024, with shipments worth US$87.3 billion (S$112 billion).

But analysts have cautioned that a 50 per cent duty is akin to a trade embargo and is likely to harm smaller firms.

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.

Mr Goyal said the government will be coming out with several measures in the coming days to support every sector and boost exports.

“I can say with confidence that India’s exports this year will exceed 2024-25 numbers,” he said. AFP