Union Commerce Minister Piyush Goyal on Thursday met United States Commerce Secretary Howard Lutnick and Ambassador Sergio Gor in New Delhi to discuss trade and economic ties. Goyal said they engaged in "very fruitful discussions" to expand trade links after the two countries agreed to a pact.
An Indian trade delegation was scheduled to visit Washington this week, but was postponed after the US Supreme Court ruled against the 'Liberation Day' tariffs imposed by President Donald Trump last April. The US has since imposed a 10% tariff on all trade partners, which Trump has threatened to raise to 15%. He has slamed the apex court's decision and warned countries from skirting trade deals already sealed.
After the Supreme Court ruling, the government said it was "studying" the development and its implications. "We have noted the US Supreme Court judgement on tariffs yesterday. President Trump has also addressed a press conference in that regard. Some steps have been announced by the US Administration. We are studying all these developments for their implications," the Ministry of Commerce said in a statement.
Later, Ministry of External Affairs said Brazilian President Luiz Inacio Lula da Silva and Prime Minister Narendra Modi discussed the matter. "... we will essentially be in a wait-and-watch mode to see how the administration responds to this judgment and whether any further steps are taken and to study the implications for our trade," a spokesperson said.
Under the agreement reached this month, tariffs on Indian goods were slashed from 50% to 18% with New Delhi pledging to buy $500 billion of American goods over five years as well. The two countries were scheduled to sign the first phase of the deal in March and continue negotiating a comprehensive bilateral trade agreement.
Lutnick's Delhi visit was not previously disclosed.
In financial year 2024-25, bilateral trade totalled $186 billion, with India enjoying a large surplus.
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