Union Minister Piyush Goyal on Thursday called for calm amid rising tensions in India-US trade talks. He emphasized that relations between the two nations remain strong despite the latest setback.
“Well, I don't think there's any need to panic. We should allow the negotiations to happen. We continue to have very good relations with the United States, and I'm sure that we'll be able to resolve some of these issues and come to an equitable, fair and balanced agreement…,” Goyal told ANI.
Tariffs Double After Oil Trade Dispute
Last week, US President Donald Trump imposed an additional 25% tariff on Indian imports. As a result, the total tariff rate doubled to 50%.
According to the White House, this penalty came because of India’s continued oil trade with Russia. This sharp hike has placed fresh strain on trade negotiations between the two countries.
Goyal Says Trade Talks Need Patience
Meanwhile, Goyal explained that trade discussions cannot be forced or rushed. He noted that there is “never a timeline” for such negotiations.
"You have to look at the future and decide what you want. Time will tell whether it works out well in a short time frame or a longer time frame," he said. Therefore, he urged stakeholders to remain patient as talks progress.
Several Rounds of Talks Already Held
Over the past few months, India and the US have held multiple negotiation rounds. Initially, talks were scheduled for August 25 to 29, and a US delegation was set to visit India.
However, just days before the meetings, reports emerged that the discussions might be postponed. Then, on August 27, Trump’s additional tariff announcement further complicated the situation.
US Criticism of India’s Oil Purchases
In addition, US Treasury Secretary Scott Bessent strongly criticized India for buying Russian oil amid global sanctions. He accused New Delhi of being “a bit recalcitrant” in the trade negotiations.
Previously, Bessent had stated that he expected talks to conclude by the end of October. However, due to recent tensions, that timeline now appears uncertain.
Looking Ahead
Going forward, Goyal expressed confidence that India and the US will find common ground. Despite the tariff hike and political pressure, he said dialogue remains the best solution. Furthermore, he reassured businesses that both sides are committed to resolving disputes fairly and constructively.