Piyush Goyal says ‘deal will be rebalanced’ if circumstances change after US Supreme Court ruling

Goyal sees positives in US trade deal despite tariff ruling uncertainty

Union Commerce Minister Piyush Goyal, speaking at the News18 Rising Bharat Summit, termed the US Supreme Court’s verdict on President Donald Trump’s tariffs “an evolving situation,” saying ongoing discussions could influence future trade dynamics.

Goyal noted that the Trump administration still has alternative options despite the court’s ruling. “It’s an evolving situation. The Trump administration has made some comments; they have other tools that they can use, next week they can increase it to 15%. Various dialogues are going on. I had said that if the circumstances change, the deal will be rebalanced,” he said.

Highlighting broader aspects of trade engagement, Goyal added, “Assure that there are so many positives in the US deal, let's see how the situation moves forward. An international trade deal is about competitive advantage.”

"The US is a very strategic partner for India for Quad; it's a multi-faceted partnership. India has become a member of Pax Silica. We will need ICT equipment. There are huge opportunities in textiles, in gems and jewellery," he further added while talking about India-US trade relations.

His remarks come after the US Supreme Court struck down certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA), prompting fresh legal and policy discussions in Washington. The development has led trading partners, including India, to reassess the potential implications for ongoing and future trade arrangements.

Goyal indicated that India is closely watching the situation and remains ready to recalibrate trade terms if circumstances warrant, depending on how developments unfold in the United States.