Commerce Minister Piyush Goyal abruptly left Monday for the United States to take part in any trade talks where the US government is expected to impose reciprocal tariffs on Indian exports. The visit is unexpected, coming just before Trump’s proposed April tariff deadline.
Government sources clarified that Piyush Goyal’s itinerary till March 8 can be used for wholesale trade negotiations at a high level with US officials. Yet, the Ministry of Commerce and Industry has not given an official statement concerning the visit. Analysts, however, maintain that these talks are essential to prevent a risk of economic loss and safeguard India’s economic interests.
Prior to that, Prime Minister Narendra Modi recently paid a visit to Washington, D.C., where India and the US resolved to work toward a trade deal with the goal of hitting $500 billion in bilateral trade by 2030. Even so, Trump’s tariff proposal has alarmed Indian exporting sectors including automobiles, agriculture and manufacturing.
If the tariffs are implemented, India would lose up to $7 billion annually, according to research analysts. However, industry experts are fearful that these new tariffs may cause a death blow to India’s trade competitiveness in the US market, and therefore, Indian officials need to negotiate favourable terms.
Piyush Goyal’s visit is coming at a crunch point in bilateral trade relations and is expected to seal trade and tariff disputes, bring exemptions to key industrial sectors, and further bolster economic relations between the two countries. These discussions will prove to be crucial in dictating how trade between the two nations will develop in the future.
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