About 55% of India’s total merchandise exports to the US will be subject to a 25% reciprocal tariff, Minister of State for Finance Pankaj Chaudhary said in a written reply to a Lok Sabha question. He stressed that the government remains committed to protecting and promoting the welfare of farmers, entrepreneurs, exporters, and MSMEs, and will take all necessary steps to safeguard national interests.
Earlier, Defence Minister Rajnath Singh took a subtle dig at US President Donald Trump over the steep 50% tariffs imposed on Indian goods. Speaking at an event in Madhya Pradesh, Singh said, “Some people are jealous of India’s rapid growth. They believe they are in charge and cannot accept how fast India is moving forward.” He added that attempts are being made to raise the prices of Indian products in global markets to reduce their competitiveness.
The US imposed 50% tariffs on Indian goods, with nearly half considered punishment for India’s continued oil purchases from Russia, as part of efforts to pressure Russia to end the war in Ukraine.
Following the tariff announcement, President Trump ruled out any trade talks with India until the issue is resolved. When asked about the prospects of trade negotiations, he replied, “No, not until we get it resolved.”
Meanwhile, India is reportedly considering imposing retaliatory tariffs on US steel, aluminium, and related products, following the US’s 50% tariffs introduced in June, according to sources familiar with the matter.