Overview

• Goyal said India is a patient nation that will pursue dialogue over counter-tariffs and seeks to keep the broader U.S. partnership on track.
• He expressed confidence that exports will rise this year and described the tariff dispute as a short-term setback.
• New Delhi announced GST cuts on hundreds of consumer goods effective September 22 to support demand and cushion exporters.
• A 25% base duty plus a 25% surcharge tied to India’s Russian oil purchases brings U.S. tariffs to 50%, threatening nearly $48 billion in Indian exports.
• A U.S. appeals court ruled the sweeping tariffs unlawful, the administration petitioned the Supreme Court, and the duties remain in place during the legal review.