Will take all steps necessary to secure our national interest, says Govt in response to US President's announcement on bilateral trade

India's Ministry of Commerce & Industry has issued a statement that the Government has taken note of US President's announcement on bilateral trade and is studying its implications. India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective, the ministry stated. The Government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs. The Government will take all steps necessary to secure our national interest, as has been the case with other trade agreements including the latest Comprehensive Economic and Trade Agreement with the UK, it added.

The statement comes after Trump on Wednesday announced imposing a 25 per cent tariff on all goods coming from India starting August 1, plus an unspecified penalty for buying Russian crude oil and military equipment. Donald Trump further referred to the BRICS grouping and the tremendous trade deficit with New Delhi for announcing the 25 per cent tariff and said the US is currently negotiating with India.

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