Exclusive| Piyush Goyal reveals new US tariffs likely to kick in next week

The US decision to reduce tariffs on Indian exports may be effective as early as next when President Donald Trump may sign an executive order putting into effect the recent agreement with New Delhi, Commerce and Industry Minister Piyush Goyal told CNBC-TV18 in an exclusive conversation.

The development signals a major step forward in bilateral trade ties, with the US Trade Representative (USTR) Jamieson Greer invited to New Delhi by mid-March to ink a comprehensive legal document for the interim trade deal.

"The signed deal will be a complete legal document including zero duty concessions," Goyal said, adding that India is seeking relaxations in supplies of graphics processing units (GPUs) and NVidia chips as part of the larger negotiations.

Last week's breakthrough in the tariff negotiations — starting with the removal of the 25% penalty for importing Russian crude oil —

is being seen as a big step forward for the Indian economy given that the US, its biggest export market, had increased the import duty to 50% (the highest in the world) since August 2025.

The Nifty 50, the benchmark index of India's biggest blue-chip stocks, ended the week higher by 3.38%.

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