Piyush Goyal gives big hint on India-US trade deal, says it would be 'rebalanced’ if circumstances change

Union Commerce and Industry Minister Piyush Goyal on Friday said India has adopted a cautious, observational stance after the US Supreme Court's decision regarding American tariffs. Labelling the current climate as "evolving", Goyal said that should conditions shift, the US-India trade agreement "would be rebalanced".

Addressing a gathering, the minister said, “There are different evolving dialogues that are going on. We'll have to watch. And by the way, you must have read my joint statement that we have finalized with the US. It has categorically said that should the circumstances change, the deal would be rebalanced.”

He also commented that India is tracking developments meticulously while maintaining an active dialogue with President Donald Trump's administration. He provided reassurances that India's dedication to diplomatic and economic involvement remains steadfast.

"This is an evolving situation. We are watching what is happening. We are in dialogue with the administration in the US and, of course, internal consultations. We will have to wait and watch and ensure the best interests of India are protected," Goyal said.

The minister further pointed out that the terms discussed with the US were designed to land the most favourable outcome for India. The goal is to establish a distinct competitive edge over other developing nations, while simultaneously paving the way for deeper cooperation in sectors vital to national interests.

"I can reassure all the friends in the room and all your viewers and all our countrymen that India stays committed to engaging for the best possible opportunities," he added.

Goyal highlights advantages of proposed trade deal with US

When asked if a 15% tariff — down from 18% — functioned as a sufficient motivator, Goyal remarked that such a reduction ensures exports flow without obstruction. Nonetheless, he stressed that the proposed deal encompasses numerous advantageous factors that go far beyond simple percentage points.

He highlighted that a 50% tariff previously placed India at a severe export disadvantage. Reducing that figure to a level below that of global rivals, he argued, represents a significant triumph for the country.

"Trade deal or international trade is about comparative advantage," he said. "If everybody is at X rate, nobody gets a competitive advantage. But if I am lower than somebody else who is my competitor, I have a comparative advantage."

The minister concluded by stating that while specific clauses remain confidential until the pact is signed, the agreement holds "so many more positives". He encouraged all stakeholders to remain patient as the geopolitical situation continues to unfold.