Commerce Minister Piyush Goyal, with his counterpart Howard Lutnick and envoy Sergio Gor

India's Commerce and Industry Minister Piyush Goyal has revealed that the country is actively engaging with the United States amid an evolving situation triggered by a recent US Supreme Court ruling on tariffs.

Speaking at the News18 Rising Bharat Summit in New Delhi on Friday, Goyal adopted a cautious 'wait-and-watch' stance, emphasising ongoing dialogues with the administration of US President Donald Trump.

The minister underscored that India is closely monitoring developments while conducting internal consultations. "This is an evolving situation. We are watching what is happening. We are in dialogue with the administration in the U.S. and, of course, internal consultations," Goyal stated, reaffirming the government's commitment to safeguarding national interests.

Goyal reassured stakeholders, summit attendees, and the wider public of India's dedication to pursuing optimal opportunities through engagement. He highlighted that negotiations with the US aim to secure competitive advantages over other emerging economies and developing nations, particularly in areas vital to India's strategic priorities.

Addressing queries on whether the Supreme Court verdict has altered India's negotiating position, Goyal described the scenario as fluid. He referenced recent comments by President Trump, noting that the US administration possesses various tools at its disposal, with multiple dialogues progressing simultaneously.

The minister pointed to a joint statement recently finalised with the US, which explicitly provides for rebalancing the deal should circumstances shift. This clause offers a mechanism to adapt to new realities, ensuring flexibility in the trade framework.

On the specifics of tariffs, Goyal discussed the potential benefits of a 15 per cent rate compared to 18 per cent, suggesting it could sustain exports without disruption. He stressed, however, that trade agreements encompass far more than mere tariff figures, encompassing broader positive elements.

"Trade deal or international trade is about comparative advantage," Goyal explained. He illustrated this by noting that uniform tariff rates across competitors yield no edge, whereas a lower rate relative to rivals confers a significant benefit.

Goyal recalled that India previously faced a steep 50 per cent tariff disadvantage on certain exports, rendering them uncompetitive. Reducing this to levels below those imposed on key competitors represents a substantial victory, he asserted, though full details remain confidential until finalisation.

While unable to disclose the agreement's intricacies at this stage, the minister urged patience, promising "so many more positives" within the deal. His remarks reflect a balanced approach, blending vigilance with optimism as India navigates this pivotal phase in bilateral trade relations.

This development comes against the backdrop of heightened US-India economic ties, where tariff adjustments could reshape export dynamics for Indian goods in the American market. Stakeholders await further clarity as dialogues continue.

ANI