Tariff war is ‘Opportunity of a Lifetime’ for India

Union Commerce Minister Piyush Goyal has termed the ongoing tariff war as “lifetime opportunity” for India, highlighting its potential to redefine global trade dynamics. He emphasized that India is well-positioned to benefit from shifting supply chains and rising export prospects, especially in electronics, textiles, and engineering goods. The U.S. has recently imposed 26% tariffs on imports from India—lower than those on regional competitors like China (34%), Vietnam (46%), Bangladesh (37%), Sri Lanka (40%), and Thailand (36%).

Amid escalating global trade tensions, Indian Commerce and Industry Minister Piyush Goyal has highlighted a potential “opportunity of a lifetime” for India. Instead of retaliating aggressively, India aims to capitalize on the changing global trade order, positioning itself as a key beneficiary due to its status as the world’s fastest-growing large economy. CIM Goyal believes that the ongoing reorganization of global trade will introduce greater fairness in supply chains, creating openings for Indian exporters.

Speaking at the India Global Forum in Mumbai on Monday, CIM Goyal stated, “We stand at a moment in history where India is well poised to convert the current situation into an opportunity. We have an opportunity of a lifetime.”

His remarks follow a historic plunge in Asian stock markets triggered by U.S. President Trump’s threats of additional tariffs on China, which contributed to a US$ 10 trillion wipeout in global equities. The root of the current volatility, Goyal suggested, lies in China’s entry into the World Trade Organization nearly 25 years ago.

In recent developments, the U.S. has imposed 26% tariffs on Indian imports—lower than those on China (34%), Vietnam (46%), Bangladesh (37%), Sri Lanka (40%), and Thailand (36%)—under a reciprocal tariff plan. China has retaliated with similar duties on American goods, and the European Union is also planning a 25% levy on select U.S. products.

India, meanwhile, has already initiated talks on a Bilateral Trade Agreement (BTA) with the U.S. to potentially reduce tariffs on Indian exports. This proactive approach, officials say, gives India an early-mover advantage and opens up opportunities in sectors like electronics, engineering goods, and textiles—where India directly competes with China in the U.S. market. The shift in global trade dynamics is being viewed by India as a strategic opening rather than a crisis.