India Aims for Trade Resilience Amid US Tariff Challenges

Union Minister Hardeep Puri expressed confidence in India's ability to emerge stronger from US tariffs as India and US work towards a trade agreement. Amid increased tariffs and global concerns, both nations strive to deepen trade ties, setting ambitious goals to boost economic growth.

Union Minister Hardeep Puri voiced optimism on Tuesday, stating that India is poised to strengthen its economic standing despite the challenges posed by US administration tariffs. Puri highlighted confidence in India's leadership, asserting the nation will thrive under Prime Minister Narendra Modi's guidance as a bilateral trade agreement progresses.

Following US President Donald Trump's sustained focus on tariff reciprocity, many countries have responded with counter tariffs, prompting a rise in trade tensions. India, however, has refrained from reacting similarly, choosing instead to engage in ongoing trade talks with the US. 'Every challenge presents an opportunity, and India will take advantage of it,' said Puri, reflecting a positive outlook for future trade relations.

In related developments, US Secretary of State Marco Rubio and India's External Affairs Minister S Jaishankar discussed trade tariffs after Trump proposed a 10% tariff on US imports, unsettling global markets. With US tariffs on Indian goods at 26%, both nations aim to forge a fair and balanced trade relationship, according to US State Department's Tammy Bruce.

During Prime Minister Narendra Modi's recent US visit, bilateral talks set 'Mission 500', targeting a leap in trade value to USD 500 billion by 2030. This initiative, supported by Commerce Minister Piyush Goyal's later visit to the US, outlines a strategic path for a comprehensive Bilateral Trade Agreement by 2025. High-level negotiations are ongoing to push this agenda.

Moreover, Minister Puri, who also handles India's petroleum sector, emphasized ample global crude oil availability and India's diversified sourcing from 40 countries to meet energy needs. These efforts underscore India's proactive measures in ensuring energy stability and economic resilience.

(With inputs from agencies.)