Brushing aside apprehensions of a tariff war with the US once the Donald Trump administration assumes power on January 20, Commerce and Industry Minister Piyush Goyal said Thursday that India doesn’t see any problem.
“We need not jump the gun, we should let the new government come and take charge, express their formal and official views. I do not foresee any problem whatsoever. Over last 10-years, our relationship with US has improved every single year,” Goyal said.
President-elect Trump has proposed massive tariff hikes, especially on goods from Mexico, Canada and China, to protect domestic manufacturing. During his election campaign, Trump had said his government would impose high tariffs on countries that have a trade surplus with the US.
Trump has also called India, which had a trade surplus of $35.32 billion in 2023-24 with the US, a “tariff abuser”.
“I’m looking forward to working with my counterpart in the US once the confirmation processes are over. We will start discussing how to further strengthen our economic partnership,” Goyal said.
Goyal also said that in his recent meeting with his French counterpart, he raised the issue of unilateral implementation of Carbon Border Adjustment Mechanism and EU Deforestation Regulation, which will hurt the domestic industry once it is implemented.
On Wednesday, Goyal met with Sophie Primas, Minister Delegate of France for Trade and French Nationals Abroad.
“I also highlighted the lack of financial and technological support from the developed countries who are the polluters in the first place, not India. We are the least polluting nation on a per capita basis,” Goyal said.