Piyush Goyal: No Need to Panic, India-US Trade Talks Going Well Despite Tariffs

Union Minister Piyush Goyal on Thursday sought to downplay concerns over India’s ongoing trade negotiations with the United States, emphasizing that bilateral relations remain “very good.”

Goyal’s comments come a week after the US imposed an additional 25% tariff on Indian imports, doubling duties to 50% as a penalty for India’s oil trade with Russia.

“Well, I don’t think there’s any need to panic. We should allow the negotiations to happen. We continue to have very good relations with the United States, and I’m sure that we’ll be able to resolve some of these issues and come to an equitable, fair and balanced agreement,” Goyal told ANI.

He stressed that trade talks “never have a set timeline” and must be approached with patience. “You have to look at the future and decide what you want. Time will tell whether it works out well in a short time frame or a longer time frame,” he added.

India and the US have held multiple rounds of trade negotiations in recent months. Talks had been planned for August 25–29, but reports suggested they might be postponed. A US delegation was expected in India for the next round of discussions.

Earlier, US Treasury Secretary Scott Bessent criticized India for being “a bit recalcitrant” over its oil trade with Russia, noting that negotiations could potentially conclude by the end of October.