Piyush Goyal, Minister of Commerce & Industry
| Photo Credit:
SUSHIL KUMAR VERMA
Commerce & Industry Minister Piyush Goyal has indicated that there is a possibility of “re-balancing” the India-US trade deal framework amid the changed circumstances following the US Supreme Court invalidating the reciprocal duties imposed by the Donald Trump regime.
The Minister said India is in a “wait-and-watch” mode but wants to continue to engage with the US for the “best possible opportunities” in the deal.
“…you must have read the joint statement that we have finalised with the US. It has categorically said that should the circumstances change, the deal would be rebalanced to make sure the balance of the deal is maintained on both sides ,” the Minister stated in his address at a media event on Friday.
The February 6 joint statement on the India–US interim trade deal framework said the US would cut reciprocal tariffs on India to 18 per cent, while India would reduce or eliminate tariffs on all US industrial goods and several agricultural products, including DDGs, red sorghum, fruits, nuts, soyabean oil, wine, and spirits.
However, US reciprocal tariffs have since been replaced with a 10 per cent short-term global levy on all countries (likely to be increased to 15 per cent soon). As a result, instead of facing a 50 per cent tariff, later reduced to 25 per cent after the Russian oil penalty was withdrawn, Indian goods now face just a 10-15 per cent tariff, in line with other countries.
Many trade experts have argued that there is no point now in India giving tariff concessions to the US if it does not get any additional cuts in return.
However, Goyal said the trade deal was not only about tariffs but also about the competitive advantage over others. While India did not send its trade negotiating team to the US this week as scheduled as it was “evaluating the situation”, US Commerce Secretary Howard Lutnick was in New Delhi on Thursday on a private visit, and met Goyal.
Details of the meeting were not officially shared by either side, but sources said the US was keen on keeping the trade talks on track.
India’s perceived gains on tariffs (with the promised 18 per cent somewhat lower than that of Bangladesh. Vietnam and Indonesia’s 19-20 per cent) are evened out after the court orders
Published on February 27, 2026