On a moderately hot afternoon at Delhi’s Vanijya Bhawan in 2025, journalists were eager to ask questions to the Commerce Minister about the fallout from the U.S.’s unilateral imposition of 50% tariffs on India. Piyush Goyal is no stranger to such questions. Reading the room with care, Mr. Goyal underlined that any trade deal India might secure would be anchored in principles of “mutually beneficial, reciprocal and equitable”.
But with the U.S. tariffs, the mood was different in the country.
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