EAM Jaishankar Meets Commerce Minister Goyal After Trump's 25% Tariff Jolt: Sources

External Affairs Minister S Jaishankar met Commerce Minister Piyush Goyal on Wednesday, following the announcement of 25% tariffs by US President Donald Trump on India, sources told NDTV Profit.

The meeting took place at the sidelines of the ongoing Monsoon Session of the Parliament.

Goyal's team has been involved in the prolonged negotiations with the US over a bilateral trade deal. Since both sides could not finalise an agreement before the Aug. 1 deadline set by Trump, the US President has gone ahead to raise the tariffs against India.

"Remember, while India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the world, and they have the most strenuous and obnoxious non-monetary trade barriers of any country," Trump posted on Truth Social.

Trump said he would also be levying an additional "penalty" on India, as it has been buying Russian military equipment and is also the "largest buyer" of Russian crude oil.

"India will therefore be paying a tariff of 25%, plus a penalty for the above, starting on August 1," he said.