As one year elapses of U.S. President Donald Trump’s ‘Liberation Day’ tariff announcement, Commerce Minister Piyush Goyal says India and the U.S. continue to have a “very robust and deep” strategic partnership and that India’s current stance is that it should receive preferential market access to the U.S. compared to its competitors, as was agreed to in the joint statement between the two countries.
The ‘Liberation Day’ tariffs were announced on April 2, 2025. Under these, Indian exports to the U.S. would have attracted a tariff of 26%. Over the last year, however, a lot has changed: the tariffs were paused, reinstated, hiked to 50%, reduced again to 25%, promised to be reduced to 18% post a trade deal, invalidated by the U.S. Supreme Court, and then temporarily set at 10% for all countries.
