Piyush Goyal Stresses Lower Tariffs For India Than Neighbours, Says MEA Will Speak On Russian Oil

Last Updated:February 07, 2026, 14:49 IST

The commerce minister pointed out that China faces 35 per cent tariffs, Vietnam and Bangladesh stand at 20 per cent, while Indonesia is at 19 per cent

Commerce minister Piyush Goyal on Saturday said India faces lower tariffs from the United States than other competing economies, noting that the trade agreement announced between the two countries will not harm Indian farmers as alleged by the Opposition.

Briefing the media on the interim deal, Goyal said: “The 18 per cent tariffs are better than our neighbouring countries." Pointing out that China faces 35 per cent tariffs, Vietnam and Bangladesh stand at 20 per cent, and Indonesia at 19 per cent, he said: “There are many items that our exporters can ship to the US without paying any tariff. Smartphones, for example."

On Russian Oil

Under the joint framework, the United States has slashed the reciprocal tariff on India to 18 per cent from 25 per cent and withdrawn the punitive 25 per cent duty for buying oil from Russia.

Though US Donald Trump had claimed in an earlier post on Monday when the deal was announced that India would stop buying Russian oil as part of the agreement, the Indian side has not yet issued an official statement.

Goyal too steered clear of answering the question on oil imports, saying the Ministry of External Affairs would address the issue.

While the official joint statement on “interim framework", which was released by New Delhi and Washington early on Saturday, does not mention Russia, a separate executive order issued by the White House does so.

The executive order titled “Modifying duties to address threats to the United States by the government of the Russian Federation", released by the White House, specifically mentioned that the US had lifted the 25 per cent tariff it had imposed on Indian goods as a penalty for continuing to buy Russian oil amid the Russia-Ukraine war.

While an official statement is awaited from India, sources in the government had told CNN-News18 earlier that the country would stick to a “people-first approach". “We will continue to buy oil from markets giving the best deal and from non-sanctioned entities. Our strategy will be decided by market prices."

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