Congress leader Jairam Ramesh criticised the statement on the India-US trade deal delivered by Union Minister of Industry and Commerce Piyush Goyal on February 4, describing it as lacking in detail and accusing it of being a headline-grabbing announcement without substance.
In a post on X, Ramesh said, “The statement on the India-US trade deal read out by the Union Minister of Industry and Commerce today in both Houses of Parliament is actually a non-statement. It provides no details since the details are still being negotiated.”
He added that Goyal’s “high-sounding claims go completely contrary” to statements made by the US President, the US Secretary of Agriculture, and the US Trade Representative on social media. He asserted, “It is 100% clear that Monday’s announcement of the deal at the urging of Prime Minister was for grabbing headlines–nothing more, nothing else.”
Ramesh further warned, “It was urgent and momentary damage control on his part. However, when the details of the deal are finally out, the real damage to Indian farmers will become most painfully evident.”
In Parliament, Union Commerce and Industry Minister Piyush Goyal stressed that “ensuring the energy security of 1.4 billion Indians is the supreme priority of the government.” During his statement on the India-US trade deal in the Rajya Sabha, he highlighted the importance of diversifying energy sources according to market conditions as central to the national strategy.
Goyal remarked, “As India proceeds on the path to Viksit Bharat, we will need to grow our capacities enormously in multiple sectors, including energy, aviation, data centres, and nuclear power,” noting that the US is a world leader in these areas.
The Minister stated that several areas of the bilateral trade agreement have been finalised following intensive negotiations, and both sides will now work to complete technical processes and finalise paperwork to quickly unlock the deal’s potential. He described the framework as a landmark step in strengthening bilateral relations and advancing the vision of a developed India by 2047.
Goyal added that the 18 per cent tariff rate announced by US President Donald Trump is lower than tariffs imposed on several competing countries, which enhances India’s export competitiveness.
He said negotiating teams from both nations had engaged over the past year to conclude a balanced and mutually beneficial agreement, aiming to safeguard critical and sensitive sectors within their economies. The interests of India’s agriculture and dairy sectors remain protected under the new framework, Goyal emphasised.
“The US side, too, had areas that were sensitive from its point of view. Following a nearly year-long discussion spread over many rounds, the two negotiating teams were able to narrow their differences significantly and finalise several areas of the bilateral trade agreement,” he stated.
Following US President Donald Trump’s announcement on February 2, the reciprocal tariff by the US was reduced to 18 per cent from 25 per cent, and the additional 25 per cent punitive levy linked to India’s purchase of Russian oil was removed.
Trump wrote on Truth Social, “Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25% to 18%.”
