India’s tariffs on US imports are lower than widely believed, with an actual applied rate of about 7-8%, not the 17% often cited, Commerce Minister Piyush Goyal said. He clarified that the higher average includes items India doesn’t import much and stressed that the ‘tariff king’ label is misleading. Goyal also said India sees an “opportunity of a lifetime” in Trump’s trade policy, especially as it seeks fairer global trade terms.
Goyal added that India isn’t an export-driven economy, so global trade disruptions, including Trump’s tariff moves, won’t hit it hard. He also highlighted plans to boost India-US trade from $129 billion in 2024 to $500 billion by 2030, with potential deals in defense and energy.
Source: Bloomberg
