Mona Lisa smile or trade signal? Goyal breaks silence on surprise meet with Howard Lutnick, Sergio Gor

Union Minister Piyush Goyal with US Secretary of Commerce Howard Lutnick and US Ambassador to India Sergio Gor. (Image: X)

• Piyush Goyal met US officials to discuss deepening trade ties
• US court nullified president's power for reciprocal tariffs
• India plans to boost exports, protect sensitive sectors like dairy

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Union Commerce and Industry Minister Piyush Goyal on Friday shed light on his surprise meeting with US Secretary of Commerce Howard Lutnick and US Ambassador to India Sergio Gor, saying the conversation focused on deepening trade ties even as a photograph from the meeting triggered speculation.

Speaking at the News18 Rising Bharat Summit 2026, Goyal was asked about the February 26 picture that many believed hinted at progress in the India-US trade deal.

“You are reminding me of Mona Lisa’s painting when you say it sparked a conversation… You don’t like my smile… What do you not like in the picture?” he quipped, when CNN-News18’s Rahul Shivshankar referred to the buzz around the image.

What was discussed at the meeting?

In a post on X after the meeting, Goyal had written: “Hosted US Secretary of Commerce @HowardLutnick & @USAmbIndia Sergio Gor. Engaged in very fruitful discussions to expand our trade and economic partnership."

Hosted US Secretary of Commerce @HowardLutnick & @USAmbIndia Sergio Gor.

Engaged in very fruitful discussions to expand our trade and economic partnership. 🇮🇳🇺🇸 pic.twitter.com/UjfExNj6wi — Piyush Goyal (@PiyushGoyal) February 26, 2026

At the summit, he revealed that he gifted Lutnick an ODOP product. “I have an ODOP product which I gifted him. A cow and calf made in an Indian handicrafts shop,” he said.

On whether dairy was flagged as a red line in the proposed trade deal, Goyal was clear. “Dairy is exempt, I have said many times. Just because one Rahul does not understand, does not mean all Rahuls won’t understand. Some people are beyond understanding. I am not a person who will say like Shah Rukh Khan, ‘naam toh suna hi hoga’,” he remarked.

Where does the trade deal stand?

India and the United States had announced a framework for an interim trade agreement on February 2, following a telephonic conversation between Prime Minister Narendra Modi and US President Donald Trump. A joint statement detailing the framework was released on February 6–7.

Under the framework, the US agreed to reduce reciprocal tariffs on Indian goods from 50 per cent to 18 per cent, including the removal of a 25 per cent penalty tariff imposed over India’s purchase of Russian oil. The Indian government maintained that sensitive sectors such as dairy and key agricultural products were protected from duty concessions.

However, the trade landscape shifted on February 20, 2026, when the Supreme Court of the United States, in a 6–3 ruling in Learning Resources, Inc. v. Trump, struck down the president’s sweeping “reciprocal tariffs” as unlawful.

Chief Justice John Roberts wrote that the International Emergency Economic Powers Act does not grant the president unilateral authority to impose tariffs, noting that the power to “regulate” importation does not equate to the power to “tax,” which rests with Congress.

Goyal said India had been mindful of the evolving legal situation in the US. “If you remember, the lower court had ruled in May or June that IEEPA is not the mechanism which would sustain, but they were in appeal, and it was a process that was simultaneously going on. For us, the US is a very important trading partner. It is an important strategic relationship that encompasses our Quads, which covers our technological partnership,” he said.

He also highlighted India’s role in building resilient supply chains and expanding cooperation in technology, AI, pharmaceuticals, gems and jewellery, textiles and agriculture. Referring to investment opportunities, he said India is looking at nearly $200 billion in data centres and AI-linked ventures, which would require global partnerships, technology access and equipment from the ICT sector.

Will the deal change after the US court ruling?

Calling the US situation “evolving”, Goyal said India remains in dialogue with the American administration and will ensure national interests are protected.

“Should the circumstances change, the deal will be rebalanced… Trade deal or international trade is about comparative and competitive advantage. The trade deal is not about the tariff. It is about the advantage you get over competition,” he said.

He added that lowering tariffs from 50 per cent to significantly lower levels gave India a competitive edge in sectors such as agriculture, handicrafts, diamonds, and pharmaceuticals. “India is on the move and our exports this year will be higher,” he asserted.