Speaking at a post-budget interaction in Visakhapatnam on Thursday, March 6, the Finance Minister confirmed that consultations have already taken place with key stakeholders. She added that Commerce Minister Piyush Goyal has travelled to the US to initiate talks on the matter, and that exporters’ concerns have been flagged with the US authorities.
This comes against the backdrop of the US imposing a
25% tariff on steel and aluminum imports, effective from March 12. The move is expected to hit India’s engineering goods exports — a sector that contributes nearly $20 billion annually. Industry bodies like EEPC fear that nearly $7.5 billion worth of exports could be directly impacted.
To cushion the blow, Indian exporters are now urging the government to lower import duties on certain US goods, hoping to strike a more balanced trade arrangement.
The US, on its part, is also pushing for lower tariffs on car imports into India — a move that could pave the way for American players like Tesla to enter the Indian market more easily. However, India is treading cautiously, holding consultations with domestic automakers before agreeing to any major concessions.
With global trade tensions on the rise, New Delhi is walking a tightrope —balancing exporter interests while keeping domestic industry concerns in mind. The outcome of the ongoing Indo-US trade talks will be crucial in shaping India’s export outlook in the months ahead.
(Edited by : Asmita Pant)