Trump Tariff News Live: Engaged with all stakeholders including exporters, says Piyush Goyal amid US tariff blow
He also responded to Trump's 'dead economy' remark. Defending the Indian economy, Piyush Goyal in the Lok Sabha said, "In less than a decade, India came out of 'Fragile Five' economies and it has now become the fastest-growing economy of the world.
He added, "On the basis of the hard work of reforms, farmers, MSMEs, and industrialists, we have come into the top five economies of the world from the 11th largest economy. It is expected that we will be the third largest economy in a few years."
Goyal's statement comes after Trump commented on India's ties with Russia, saying they can take their 'dead economies down together.'
On Wednesday, Donald Trump announced a 25 per cent tariff on India, citing high duties and non-monetary trade barriers. He also criticised India's military purchases from Russia, while imposing an additional penalty.
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31 Jul 2025, 06:43 PM IST
Donald Trump Tariffs News Live Updates: In a post on his Truth Social handle, Trump wrote, 'Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country.'
He further added, 'Also, they have always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE — ALL THINGS NOT GOOD! INDIA WILL THEREFORE BE PAYING A TARIFF OF 25%, PLUS A PENALTY FOR THE ABOVE, STARTING ON AUGUST FIRST. THANK YOU FOR YOUR ATTENTION TO THIS MATTER. MAGA!'
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