New Delhi: A day after U.S. President Donald Trump imposed a 25% tariff on Indian exports and hinted at a “penalty” over India’s continued energy purchases from Russia, Commerce Minister Piyush Goyal said the government is assessing the implications and will take all necessary steps to safeguard national interest.

Addressing both the Lok Sabha and the Rajya Sabha on Thursday, Goyal said the move is under detailed review and that all stakeholders — including exporters and industry — are being consulted.

“The government attaches the utmost importance to protecting and promoting the welfare of our farmers, workers, entrepreneurs, exporters, MSMEs and all sections of industry. We will take all necessary steps to secure and advance our national interest,” he said, as opposition MPs raised slogans, reported NDTV.

Responding indirectly to Trump’s criticism of India as a “dead economy,” the minister highlighted India’s economic progress.

“In just over a decade, India has rapidly transformed from being one of the ‘fragile five’ to the fastest growing major economy in the world,” he said. “We have risen from the 11th-largest economy to one of the top five economies... It is also widely expected that we will become the third-largest economy in a few years.”

Goyal informed Parliament that the U.S. President had issued an executive order on April 2 mandating reciprocal tariffs, under which a 10% baseline tariff came into effect three days later.

The total additional duty on India, including the baseline tariff, currently stands at 26%.

However, country-specific tariffs were initially suspended for 90 days and further extended until August 1.

Talks between India and the U.S. on a “fair, balanced and mutually beneficial” trade agreement began in March, the minister said.

The first physical meeting was held in New Delhi, followed by four others in Delhi and Washington DC, in addition to several virtual rounds.

The aim is to finalise the first phase of the deal by October–November 2025.

Goyal also reiterated India’s trade resilience and its efforts to strengthen global partnerships.

“In an increasingly protectionist world, India has done mutually beneficial trade agreements with the UAE, UK, Australia and others. We are also committed to similar trade agreements with other countries,” he said.

He added that India has seen steady growth in exports over the past 11 years and that the government remains focused on positioning the country as a global manufacturing hub.

“We will continue our fast-paced journey of inclusive growth and sustainable development towards the goal of Viksit Bharat 2047,” Goyal said.

Meanwhile, in a post on Truth Social, President Trump wrote: “I don't care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their tariffs are too high, among the highest in the world. Likewise, Russia and the USA do almost no business together. Let's keep it that way.”