Union Commerce and Industry Minister Piyush Goyal dismissed concerns that India would be hurt by a possible hike in import tariffs following Donald Trump’s re-election as US president. He said India could consider reducing tariffs on American products that have no competition in India, such as Harley-Davidson bicycles.
Speaking at Business Today’s ‘Most Powerful Women 2024’ event in Mumbai on Friday, Union Minister Piyush Goyal said, “We are not worried about tariffs. If tariffs on China are increased, India will benefit.” And even if it increases, we will continue in the same situation.
He gave this answer to the question of whether Trump would increase possible tariffs on India. Goyal said that although Trump has spoken once or twice about high tariffs on India, he also praised Prime Minister Narendra Modi and made it clear that he likes India.
Goyal said: “Donald Trump has made it clear that he likes India.” He likes the people of India and wants to increase trade with India. He wants to work with his good friend Prime Minister Modi, so there is no need to worry. He also said he has a good relationship with former US Trade Representative Robert Lighthizer, who was part of the previous Trump administration and now may also play an important role in the new administration. Goyal said if he comes back as USTR, it would be fantastic.
When asked about the reduction of duty on Harley-Davidson motorcycles, Goyal said: “We don’t have any problem with it.” For products that have no competition in India, such as heavy bikes, which we do not manufacture ourselves, we will have no problem considering such a request.
Let us tell you that the United States is India’s largest export partner, with total exports of 77.5 billion dollars in the financial year 2024 and total bilateral trade was approximately 120 billion dollars. Trump’s economic policy may focus on raising tariffs on all imports, which are expected to rise by up to 60% for China and 10% for other countries.
