"No, there's no confusion...we are on same footing as any other country": Piyush Goyal on India-US steel, copper and aluminium tariffs

In an interview with ANI, Goyal dispelled concerns in the export community after the landmark India-US interim trade deal was announced, which would reduce tariffs on many Indian exports.

He noted that the US imposes 50% tariffs on steel, aluminium, and copper globally on national security grounds (under Section 232) and that these tariffs are not specific to India.

Because these duties apply equally across all countries, Goyal argued that they do not affect India's relative competitive position in the American market.

The Union Minister said it was "not a reciprocal tariff" and is not India-specific, as it applies globally, emphasising that India is being treated on par with other economies. The U.S. has agreed to reduce reciprocal tariffs on a wide range of other Indian goods from 50% down to 18%.

"No, there's no confusion. Everybody knows. And that's a Section 232 tariff. It's not a reciprocal tariff. That's a national security clause under which they have conducted an investigation, and these products are at 50% globally. Nothing to do with India. So we are on the same footing as any other country in the world," he said.

Approximately $12 billion in Indian exports, including these metals and certain auto parts, will remain unchanged under the current agreement.

In August 2025, the US intensified Section 232 import restrictions, imposing 50% tariffs on most steel, aluminium, and certain semi-finished copper products to protect national security.

The minister highlighted that India has secured significant exemptions for finished and high-value manufactured goods, following negotiations with the US. While raw metals may fall under the Section 232 duties, products that use these inputs but are manufactured into specialised components will not automatically attract the tariffs.

These exemptions, Goyal noted, provide a major boost to India's advanced manufacturing ambitions and protect exporters operating in critical global supply chains.

"They have given us certain exemptions, like aircraft components, that we export, which will get zero duty even under Section 232. There are certain automotive components for which we will pay zero duty, even if they fall under 232. So that will all come out when the final agreement is placed before the people," Goyal said.

Approximately $44 billion worth of Indian exports, including textiles, gems, and pharmaceuticals, will now qualify for zero reciprocal duty.

Looking ahead, the Union Commerce and Industry Minister said discussions on other sectors are still ongoing. Pharmaceuticals, in particular, remain under "pending determination," with no final decision yet on their treatment under the evolving trade framework.

The broader trade agreement between India and the US is expected to be finalised within the next six weeks, he said.

"The full picture will be clear once the final agreement is unveiled," Goyal said, describing it as a roadmap for the next phase of bilateral trade relations. (ANI)