• India will not concede to the 50% tariffs imposed by the US, focusing instead on new markets.
• Trade Minister Piyush Goyal emphasizes resilience and readiness for free trade agreements.
• Recent tariffs are a response to India's purchases of Russian oil amid the Ukraine conflict.
• Concerns arise over potential job losses and market competition with countries like Bangladesh.
• The US was India's largest export market in 2024, with exports valued at $87.3 billion.

In response to the US imposing a 50 percent tariff on various Indian imports, India's Trade Minister Piyush Goyal stated that the country will "not bow down" and will focus on capturing new markets. This declaration comes as the new tariffs took effect this week as a reaction to India’s substantial purchases of Russian oil, intended to pressure Moscow regarding its ongoing conflict in Ukraine, according to South China Morning Post, Al Jazeera, and Dawn.

At a recent construction industry event in New Delhi, Goyal expressed readiness for free trade agreements, yet stressed India's determination to stand firm. He stated, "We will neither bow down nor ever appear weak,” reflecting a resolve to maintain sovereignty in economic affairs, according to South China Morning Post, Al Jazeera, and Dawn.

The tariffs, deemed as damaging by analysts—comparable to a trade embargo—are poised to adversely affect smaller Indian firms. Sectors like textiles, seafood, and jewelry have already reported cancellations of US orders and subsequent losses to competitors in Bangladesh and Vietnam. This scenario raises fears of significant job cuts within the affected industries, as highlighted by South China Morning Post, Al Jazeera, and Dawn.

In light of these challenges, Goyal assured that the Indian government would announce measures aimed at bolstering support for affected sectors and encouraging exports. He confidently predicted that "India’s exports this year will exceed 2024-25 numbers," reaffirming a commitment to economic growth despite external pressures, according to South China Morning Post, Al Jazeera, and Dawn.