India will not 'bow down' to pressure: Trade Minister
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India has strongly responded to steep new US tariffs, with Trade Minister Piyush Goyal declaring the country will not "bow down" as it looks to offset losses by expanding into new global markets.
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India Trade Minister Piyush Goyal in an undated photo (Sajjad Hussain/AFP/Getty Images)
India will not "bow down" to international pressure, Trade Minister Piyush Goyal said on Friday, in response to the recent imposition of US tariffs on Indian exports.
The 50% duties, which took effect on August 27, were introduced by the Trump administration as a 'punitive measure' against India’s continued large-scale purchases of Russian oil.
Speaking at a construction industry event in New Delhi, Goyal emphasized India’s intent to remain resilient and proactive.
"India is always ready if anyone wants to have a free trade agreement with us," he said. "But we will neither bow down nor ever appear weak. We will continue to move together and capture new markets."
Read more: Modi to visit China amid growing India-US trade rift
Trump administration’s tariff strategy and its global impact
Since his return to the White House earlier this year, US President Donald Trump has expanded his use of tariffs as a primary tool of economic and foreign policy. The latest levies targeting Indian goods come amid Washington’s broader efforts to pressure Moscow over the ongoing war in Ukraine.
The steep US tariffs have significantly strained India-US relations, with New Delhi earlier condemning them as “unfair, unjustified, and unreasonable.”
Trade talks between the United States and India have repeatedly stalled over contentious issues, particularly agricultural and dairy market access. While Washington seeks broader entry for US goods, Indian Prime Minister Narendra Modi remains committed to protecting India's agricultural sector, which is vital for millions of farmers across the country.
In 2024, the US was India’s top export destination, receiving goods worth $87.3 billion. The newly imposed duties, however, are expected to impact this figure drastically.
Read more: Tariffs as political weapons face pushback from India, Brazil: NYT
Impact on the Indian economy and key export sectors
Analysts warn that the 50% tariffs could act as a de facto trade embargo, especially for small and medium exporters. Sectors such as textiles, seafood, and jewelry are already reporting cancelled orders and increased competition from countries like Bangladesh and Vietnam.
There are growing concerns about potential job losses, particularly in labor-intensive industries.
Goyal indicated that the Indian government would soon roll out a set of measures aimed at stabilizing affected sectors and boosting overall exports.
"I can say with confidence that India's exports this year will exceed 2024–25 numbers," he stated, expressing optimism about the resilience of the Indian economy despite international headwinds.
