Govt will take care of exporters' interest amid Trump's tariffs, Goyal tells stakeholders: Sources

Piyush Goyal

Commerce Minister Piyush Goyal, in a meeting with key trade promotion organisations on March 13, said that the government will take care of exporters' interest amid Trump's reciprocal tariff plan, according to sources in the know of the matter.

"The minister reassured that the government will keep a close watch on the interests of Indian exporters and also directed them to push up exports during the remainder of the current fiscal year," one of the sources said.

Goyal held his first meeting with key trade promotion organisations, after his almost week-long visit to the US.

During his visit, Goyal is said to have held discussions with US Trade Representative Jamieson Greer and US Secretary of Commerce Howard Lutnick on the proposed trade deal between them as well as on America's reciprocal tariffs, set to be rolled out on April 2.

The US is set to impose higher tariffs from next month under its Fair and Reciprocal Plan on countries that levy steeper duties on American goods, and at the same time is also reportedly pushing India to ease duties on almost all products through the proposed trade deal between them.

India and US is presently negotiating the first tranche of a mutually beneficial, multi-sector (Bilateral Trade Agreement) BTA by fall 2025.

In the meeting, EEPC India raised the issue of Indian metal exports being hurt by US's steeper tariffs on steel and aluminium, which came into effect on March 12.

Pankaj Chadha, Chairman EEPC India said that the country's exporters belonging to the Micro, Small and Medium Enterprises (MSME) category are worried owing to the 25-percent tariffs levied by President Donald Trump's administration on every country that sells steel and aluminum to the United States.

"Total exports of $5 billion could be hit by the recent tariffs imposed by Donald Trump. Out of the total amount, iron and steel products comprise $3 billion, mainly covering MSME exporters. Since voyage time to the US is approximately 60 days, about $1 billion is on high seas, which will be affected by higher duties levied by America," Chadha added.

A second source said that exporters sought exemption from higher US levies on the exports of these metals that were shipped before March 12, but are yet to reach America.

Minister Goyal acknowledged the concerns around higher levies on steel and aluminium levied by the US, especially on India's MSME exporters, this source added.