Commerce Minister reassures exporters; US pauses tariffs for 90 days, excludes China.
Union Commerce and Industry Minister Piyush Goyal has urged Indian exporters not to panic in the face of ongoing global trade uncertainties. Speaking during a high-level interaction with export promotion councils and industry bodies in New Delhi, the minister assured stakeholders that the government is committed to creating an enabling environment to help them adapt to recent developments in international trade.
Goyal lauded the industry for its resilience and outstanding performance, achieving record exports of over USD 820 billion in FY 2024–25, despite global headwinds. He credited this success to the determination and adaptability of Indian exporters.
Bilateral Trade Agreement with the US Underway
The minister also updated industry leaders on India’s ongoing discussions with the United States toward a comprehensive, multi-sectoral Bilateral Trade Agreement (BTA). This initiative, he noted, was catalysed by the visionary leadership of Prime Minister Narendra Modi, who was one of the first global leaders to propose a BTA during his meeting with President Donald Trump in February 2025.
Highlighting the government’s proactive and balanced approach, Goyal said the negotiating team is focused on crafting a mutually beneficial agreement, proceeding with urgency but without haste, to ensure national interests are protected.
US Suspends Tariffs for 90 Days – China excluded
In a parallel development, US President Donald Trump announced a 90-day suspension of reciprocal and 10% tariffs, effective immediately, in a move aimed at supporting trade normalisation. However, China has been excluded from this tariff relief. Instead, the US will raise tariffs on Chinese exports to 125%, in response to Beijing’s recent retaliatory trade measures.
President Trump clarified that over 75 countries had refrained from retaliating against US trade policies, prompting the temporary tariff pause as a goodwill gesture. This move is expected to ease immediate concerns for Indian exporters as trade negotiations with the US continue.
Looking Ahead
Minister Goyal encouraged exporters to look at the silver lining in the evolving scenario and continue their growth momentum with confidence. He reaffirmed the government’s resolve to stand by them and help them thrive, even amid global uncertainties.
Source: Exim News
