India-US trade deal will be 'rebalanced' if situation changes: Piyush Goyal

Union Commerce Minister Piyush Goyal said that Indian trade authorities are closely tracking developments after the US Supreme Court ruling against country-specific tariffs

Union Commerce and Industry Minister Piyush Goyal on Friday said India would "rebalance" its proposed trade pact with the United States (US) if the circumstances change following the US Supreme Court’s decision to strike down President Donald Trump's country-specific tariffs.

 

Speaking at an event, Goyal said Indian trade authorities are closely tracking developments and remain in touch with their US counterparts. "It’s an evolving situation. The Trump administration has made some comments; they have other tools that they can use, next week they can increase it to 15 per cent. Various dialogues are going on. I had said that if the circumstances change, the deal will be rebalanced," he said. 

 

 

Earlier this week, in his first comments at the Business Standard's Manthan Summit after the Supreme Court ruling, Goyal said India will resume trade negotiations with the US once there is greater clarity on the tariff situation.

 

The US Supreme Court, last week, struck down President Trump’s use of the International Emergency Economic Powers Act (IEEPA) to levy country-specific reciprocal tariffs. In the aftermath of the ruling, Washington introduced a uniform 10 per cent tariff on imports from all countries for 150 days under Section 122 of the Trade Act. He also ordered new investigations under other laws that could allow him to reimpose the tariffs.

Farmers interest protected

Further addressing concerns regarding farmers' interest, Goyal on Friday also said that no genetically modified (GM) foods will come to India under the trade deal. He added that dairy, maize and soybean are also exempted from the deal.