Union Commerce and Industry Minister Piyush Goyal on Thursday assured Parliament that the Indian government will take all necessary measures to safeguard the nation's economic interests, following US President Donald Trump’s announcement of a 25% tariff on Indian goods.

Addressing the Lok Sabha, Goyal said the government is closely studying the impact of the tariff decision. “We are examining all aspects of this development. Let me make it clear — the Government of India will take every step necessary to protect the interests of our businesses, exporters, and the nation as a whole,” he stated.

Trump’s new tariff order, which comes into effect on August 1, stems from India’s continued imports of Russian oil and defense equipment. The US President had claimed that India’s trade policies are unfair and that the country maintains one of the highest tariff rates in the world.

In response, Goyal emphasized India’s commitment to fair trade and strategic autonomy. “We are not dependent on any single country. India trades on equal footing with the world, but never at the cost of national interest,” he said.

Detailing the timeline of trade engagements between India and the US, Goyal informed the House that formal talks for a balanced and mutually beneficial Bilateral Trade Agreement (BTA) began in March this year. “On April 2, 2025, the US announced a 10% baseline tariff, which was later increased to a total of 26%. Although this was postponed several times, the recent announcement confirms a 25% tariff starting August 1,” he explained.

He also pointed out that despite President Trump referring to India as a “friend,” the imposition of such duties signals mounting pressure. “This is part of an evolving negotiation process. We will navigate it carefully and in India's best interest,” Goyal assured.

Trump’s statements, including criticism over India’s ties with Russia and its energy strategy, have raised diplomatic concerns. However, Goyal reaffirmed India’s right to make sovereign economic decisions. “We have deep relations with many countries, including Russia and the United States. Our foreign and trade policies are shaped by our own priorities, not external diktats,” he said.

India is currently one of the top importers of Russian oil, second only to China. The Centre, however, maintains that these purchases are made with strategic and economic calculations in mind, especially in light of global volatility in energy markets.