India's 'applied tariffs' to the US are only 7-8%, not humongous: Piyush Goyal

Union Commerce Minister Piyush Goyal has said the ‘applied tariffs to the US are only 7-8%, which he described as not humongous. Declining to disclose details on the ongoing negotiations with the US, which has slapped a 26% ‘reciprocal tariff’ on the country, Goyal said India believes it can have bilateral trade pacts with countries that exercise fair trade practices. Lashing out at China, he said the northern neighbour's unfair practices have brought the world to the current juncture and made it clear that carmaker BYD's entry to India is not welcome at the current juncture.

Asserting that we are not in an era of de-globalisation but one of re-globalisation, Goyal said the current turmoil could provide a good opportunity for India if countries respecting fair practices come together. On the US tariff predicament, he explained that India's tariffs are a protection against unfair trade and a shield against economies indulging in aspects like dumping. Acknowledging that the overall Indian tariffs on the US work out at 17%, he said that a lot of them pertain to goods that India doesn't import at all.

Goyal said the ongoing changes in the US trade policy will not impact domestic growth so much because India is not an export-dependent economy. He further said the rupee is not as volatile as peer emerging market currencies and added that Indian equities are ‘fortunate’ to be at the bottom of the table of markets impacted by Trump's disruptive policies.