Tariff Tensions: Trump Rules Out Cuts For India, Goyal Optimistic On Trade Talks

India’s Commerce Minister voiced optimism on resuming India-US trade talks, even as Washington stood firm on its stance. BRICS nations prepare to address global trade strains next week.

India is currently engaged in discussions with the United States regarding a potential trade agreement, according to Piyush Goyal, Minister of Commerce and Industry. 

Speaking at the Annual Global Investor Conference 2025 in Mumbai, Goyal expressed optimism about resuming trade discussions. "I do hope that things will get back on track soon and we will get back on track soon and we will conclude a bilateral trade agreement by the fall, November or so, as was discussed by our two leaders in February," he said. 

He also acknowledged the challenges, adding that “We have had a little bit of geopolitical issues overtaking trade issues in our negotiations with the United States of America.”

This comes at a time when the U.S. has imposed 50% tariffs on India. This includes a base tariff plus an additional 25% penalty tied to India’s continued imports of Russian oil, reflecting the Trump administration’s stance on addressing what it terms the “threats” posed by India’s energy policies. 

Trumps Stands Firm

However, the prospect of lowered US tariffs on Indian imports remains uncertain. US President Donald Trump stated on the same day that he is not considering reducing tariffs on Indian products. He highlighted strong US-India relations but expressed concerns about the trade imbalance between the two countries.

India and the US have been negotiating the trade pact since March. So far, five rounds of talks have been completed. As bilateral negotiations proceed, stakeholders and investors will closely monitor any political signals that affect the pace and outcome of any potential agreement. 

A United Front

Meanwhile, in the face of simmering tariff tensions, Brazil’s President Lula Da Silva will host a virtual BRICS summit next Monday to discuss these tariff issues amid rising global trade tensions. 

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