‘Studying implications’: India says ‘discussions ongoing’ with US over trade tariffs

“We are studying the implications of the tariffs that have been announced,” he said at a briefing on April 9.

“On the 3rd, we had a detailed press release issued by the Ministry of Commerce where India’s position was made clear. We are studying the implications of the tariffs that have been announced,” he added.

“Reciprocal tariffs and discussions are ongoing between India and US Trade teams for an expeditious conclusion of a mutually beneficial multi-sectoral bilateral trade agreement. India values its comprehensive global strategic partnership with the US and is committed to working closely with it…Both teams are in discussion and hopefully we can close it,” he said as quoted by news agency ANI.

#WATCH | Delhi | On the India-US trade agreement, MEA Spokesperson Randhir Jaiswal says, “On the 3rd, we had a detailed press release issued by the Ministry of Commerce where India’s position was made clear. We are studying the implications of the tariffs that have been… pic.twitter.com/Eb0EmEaMdx

— ANI (@ANI) April 9, 2025

When asked about talks between External Affairs Minister S Jaishankar and his US counterpart Marco Rubio, earlier this week, Jaiswal said, “They also discussed the importance of the early conclusion of the bilateral trade agreement. So, that was more or less what comprised the discussions between two leaders.”

New Delhi said on April 3 that it was studying the changes in America’s new trade policy and see if any opportunities could arise for the country. In a statement, the Ministry of Commerce said that it is carefully examining the implications of the various measures and announcements made by the US administration.

The MEA spokesperson’s response on Wednesday came hours after Trump’s sweeping tariffs against around fifty countries, including India, came into force.

The tariffs, announced by Trump as part of a wider policy shift, have stirred fears of a global recession as multiple countries—India included—were swept into the widening trade conflict.

‘We are very open, they were very constructive’

Earlier in the day, in the first detailed response to the US policy on tariff, Jaishankar said India is perhaps the only country to reach an understanding with Washington to seal a trade deal after Trump assumed the presidency for the second time.

The minister, however, said that New Delhi’s strategy to deal with the situation is to firm up a bilateral trade pact with Washington by the fall of this year.

“We decided that we will engage the Trump administration early on this set of issues and we were very open with them, very constructive with them as they were with us, and what we agreed to do was to try to negotiate a bilateral trade agreement by fall of this year,” Jaishankar told Zakka Jacob at the News 18 Rising Bharat Summit.

Not in “undue haste” 

Trade Minister Piyush Goyal also signalled that New Delhi is unlikely to respond with retaliatory tariffs of its own, preferring instead to prioritise strategic trade cooperation. He urged exporters not to panic, assuring them that India is working on the “right mix and right balance” in its proposed trade agreement with the US.

Speaking during a meeting with export promotion councils and industry bodies, Goyal said the Indian team is moving with “speed” but not in “undue haste” to ensure a favourable outcome for the country.

According to an official statement, Goyal informed exporters that discussions with the US are focused on securing a “mutually beneficial multi-sectoral BTA.” He added that “the country is working in a proactive manner and exploring solutions which are in the best interest of the nation.”

Commenting on India’s strategic approach, he said, “there is a potential for increase in manufacturing, creation of additional jobs because it can attract big players in global supply chain as India has been able to establish itself as a trusted and reliable partner and with a predictable business friendly destination.”

The Trump administration’s tariffs, which now include sweeping increases on Chinese, European and Indian imports, have shaken markets and drawn international criticism. China, in particular, has responded forcefully, with 84% tariffs on US goods and sanctions on American firms. The EU has also begun targeting US products with retaliatory measures of its own.

India, however, appears to be charting a more pragmatic path, with New Delhi betting that closer ties with Washington—especially in trade and defence—will yield long-term benefits amid an increasingly fractured global economy.