Union Commerce Minister Piyush Goyal on Friday said India may seek to rebalance its proposed trade agreement with the United States if circumstances change following a recent US Supreme Court verdict related to President Donald Trump’s tariff measures.
Goyal referred to a joint statement finalised on February 7, which includes a provision allowing either country to modify its commitments if agreed-upon tariff terms are altered.
He said the clause ensures that the sanctity of the deal is maintained on both sides. “Should the circumstances change, the deal would be rebalanced to ensure that the balance of the deal is maintained on both sides,” he said, adding that the situation remains evolving and the US administration could use other tools to raise tariffs.
Trump had earlier announced a 10 per cent tariff on all trading partners for 150 days and increased it to 15 per cent a day later after a setback in the Supreme Court on February 20. India and the US have since decided to reschedule a three-day meeting between chief trade negotiators that was earlier set for February 23 in the US, so both sides can assess the implications of the court’s judgment.
A new date will be fixed mutually.
Goyal expressed optimism about the agreement, saying sensitive sectors such as dairy and agriculture have been protected. He stated that no genetically modified foods would enter India under the deal and that dairy, maize, soybean, and poultry are exempt, preserving farmers’ interests.