New Delhi: Union Commerce and Industry Minister Piyush Goyal has said that the India–US trade deal can be rebalanced if circumstances change. His statement comes after the US Supreme Court’s verdict against tariff imposed by President Donald Trump-led administration. He said that at present the Indian side is watching the developments following the verdict and there could be a possibility that there could be a rebalancing of the pact “should circumstances change”.
Goyal made it clear that amid changing scenario, India will fully protect its economic interests.
The Union minister said the global trade situation is constantly evolving and that different statements and steps are coming from the US side.
Navigating Evolving US Tariffs and Trump’s Trade Policies
The Commerce Minister made the statements amid Trump’s 10 per cent tariff against all trading partners for 150 days. The US imposed temporary 10 per cent tariff on February 24 after the US Supreme Court struck down Trump’s April 2025 decision to impose reciprocal tariffs on all imports.
Trump has also announced to increase the tariffs from 10 per cent to 15 per cent.
“We’ll have to watch. And by the way, you must have read my joint statement that we had finalised with the US. It has categorically said that should the circumstances change, the deal would be re-balanced…to ensure that the balance of the deal is maintained on both sides,” Goyal said.
Interestingly, the joint statement of India and the US, dated February 7, stated that if events change in regards to the agreed-upon tariffs of either country, both the countries may modify its commitments.
Goyal said, “It provides that the sanctity of the deal is both ways”.
The minister made the comments while attending the News18 Rising Bharat Summit 2026 in the national capital.
On February 7, India and the United States announced that they have finalised the contours for the first phase of the bilateral trade agreement.
The US has agreed to decrease the reciprocal tariffs on Indian products to 18 per cent from 25 per cent. The US has also removed the 25 per cent punitive tariffs on India, which were levied for purchasing Russian crude oil.
On February 20, the US Supreme Court court ordered striking down President Trump’s sweeping global tariffs.
“It is an evolving situation. We’ll have to see. The Trump administration has made some comments…They have many other tools that they could possibly use (to impose new tariffs). They’ve already used one of them, Section 122, to put a 10 per cent tariff. I think they are on record that next week, they may increase it to 15 per cent for the first 150 days,” Goyal said.
Replying to a query, whether changes in tariffs provide incentives for India, the minister said it gives an opportunity to Indian firms to continue exports without hindrance.
“But bear in mind, the deal was better because it had many other elements…So till we finally ink it, I am not in a position to share every detail. Though all the sensitive matters have already been clarified. But I can assure you, there’s so many more positives to the deal that we should wait. Let us see how the situation moves forward,” he said.