India is in a wait-and-watch mode on the trade deal after the Supreme Court of the United States last week struck down the reciprocal tariffs imposed by the Donald Trump administration, said Union Commerce Minister Piyush Goyal on Friday.
He assured that the government will get the deal done with the United States on the best possible terms for India, even as the situation remains evolving.
“This is an evolving situation. We are watching what is happening. We are in dialogue with the Trump administration in the US and, of course, internal consultations are going on. We will have to wait and watch and ensure the best interests of India are protected,” Goyal said while speaking at an event in New Delhi on Friday.
The US Supreme Court declared Trump’s reciprocal tariffs under the International Emergency Economic Powers Act as an excessive use of presidential authority. It struck down the blanket import duties imposed in April last year.
Soon after the pronouncement of the verdict, the Indian government cancelled the visit of its delegation to the US, which was supposed to finalise the trade deal with the North American nation.
The broad contours of the trade deal had already been announced, but it was yet to be formally signed and was supposed to be implemented by April this year.
“I want to assure all countrymen that India stays committed to negotiating the best possible opportunities with the US, to continue to provide us the best deal for competitive advantage over other emerging economies and developing nations, and to open the doors for greater engagement in areas of our interest like technology,” Goyal said at the event.
Goyal’s comments came a day after he met his American counterpart, Howard Lutnick, and US Ambassador to India Sergio Gor in New Delhi.
While Goyal’s comments indicate a rethink on the deal from India’s side, US President Trump has said that the court order will have no bearing on the deal.
