• Source:JND
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Union Commerce Minister Piyush Goyal on Thursday briefed the Parliament about the 25 per cent tariff announced on Indian imports by the United States President Donald Trump. Speaking at the Lok Sabha, Goyal said that the government is examining the effects of the US announcement on the country. 

He added that the discussions are underway for a bilateral trade agreement and that the government will take all necessary steps to protect the national interest. 

"The government attaches utmost importance to protecting and promoting the welfare of our farmers, workers, entrepreneurs, and all sections of industry. We will take all necessary steps to secure our national interest," he said.

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Goyal also informed the Lower House about the talks held between two countries after the reciprocal tariffs were first brought in.

Goyal said that on April 2, US issued an executive order on reciprocal tariffs announcing a 10 per cent baseline tariff, which came into effect three days later. Moreover, an additional duty on India, including the baseline tariff, was announced at 26 per cent.

The tariffs were then suspended for 90 days initially, and further extended till August 1. He added that negotiations on fair and balanced BTA started in March, aiming to strike a deal by October-November 2025.

Speaking about the Indian economy, he said that India rose from the 11th largest to the 5th largest Indian economy and has embarked on becoming the third largest economy in the world.

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"In less than a decade, India came out of 'Fragile Five' economies and it has now become the fastest-growing economy of the world. On the basis of the hardwork of reforms, farmers, MSMEs and industrialists, we have come in the top 5 economies of the world from the 11th largest economy. It is expected that we would be the third largest economy in a few years. Today, global institutions and economists see India as a bright spot in the global economy..."