Goyal’s meeting comes after the US Supreme Court last week struck down the sweeping tariffs imposed by the Trump administration under the International Emergency Economic Powers Act (IEEPA).
Post the development, the Union Commerce Ministry said it is studying the implications of the verdict. As per reports, India had postponed the trade talks post the verdict.
“A highly productive lunch … so many areas of cooperation for our two nations!”, U.S. Ambassador to India Sergio Gor said in a separate post on X, while sharing a picture of himself with Lutnick and Goyal.
Immediately after the Supreme Court verdict, Trump had announced a temporary 10 per cent duty on imports from all countries, on top of any existing tariffs, and then issued a proclamation putting them into effect. The Proclamation imposes, for a period of 150 days, a 10 per cent ad valorem import duty on articles imported into the United States. Later, Trump announced that it will be increased to 15 per cent. However, only 10 per cent has been implemented.
Before the ruling, India and US had agreed on a framework for a trade deal through which Washington agreed to cut tariffs on India to 18 per cent
Prior to the ruling, both countries had agreed on a framework for Washington to cut tariffs on India to 18 per cent from 50 per cent (which included 25 per cent punitive tariff for India’s Russian Oil purchases. The 25 per cent punitive tariff has been removed).
