Union commerce minister Piyush Goyal struck a firm note on India-US trade ties after the US Supreme Court struck down former President Donald Trump’s tariffs imposed under the IEEPA Act, only for Trump to respond by slapping fresh duties of 15%.
Speaking at Network18’s Rising Bharat Summit 2026, Goyal said the US Supreme Court’s tariff ruling is “an evolving situation” and that India is closely watching developments. “We are in dialogue with the US on trade. On US tariffs, we will wait and watch and ensure that the best interests of India are protected,” he said.
He underlined that the joint statement between India and the US clearly provides flexibility. “Should the circumstances change, the deal will be rebalanced,” he said.
His remarks come after Trump, following the court setback, imposed a 15% tariff using alternative provisions. Goyal pointed out that Washington has multiple instruments at its disposal.
“The US has many tools. Section 122 has been used to levy a 10% tariff, which might be raised to 15%. It is too early to venture a guess on what tools the Trump administration plans to use,” he said, adding that no timeline can be set for any deal at this stage.
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Calling the US an “important trading and strategic partner”, Goyal stressed that any agreement will be judged not just by headline terms but by relative gains. “A trade deal is not just about what the deal is, it is also about what the competitive advantage is,” he said.
He reminded critics that India had faced a major disadvantage earlier. “At 50% tariff, we were at a huge disadvantage.” Through negotiations, India was able to secure lower tariffs than several competitors and “opened doors for agri exports to the US”, he said.
Goyal pushed back against domestic political criticism, asserting that sensitive sectors such as dairy, poultry, rice, wheat and maize remain exempt. He accused Rahul Gandhi of trying to mislead farmers on the trade pact’s implications.
Beyond tariffs, the minister widened the lens to strategic convergence. He cited cooperation in the Indo-Pacific, the Quad framework, interest in India’s pharmaceutical sector, among others. These, he suggested, underscore that the relationship goes far beyond tariff lines.
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Despite global turbulence and shifting US trade tactics, Goyal projected confidence. “Our exports will be higher than last year,” he said, reiterating that India remains committed to securing the best possible deal with the US, one that preserves its competitive edge while protecting national interest.
