New Delhi [India], August 1 (ANI): Bharatiya Janata Party MP Damodar Agarwal on Friday backed the Union Commerce Minister's statement in Parliament after US President Donald Trump announced 25 per cent tariffs on India.

Speaking with ANI, Agarwal said, 'The Commerce Minister presented the government's stand in the House yesterday. The government will examine it and, after talking to industrialists, consumers, and entrepreneurs, will present its stand in the national interest...'

Union Minister Piyush Goyal made a statement in the lower House of Parliament a day after Trump announced the tariff. He later made similar statement in the Rajya Sabha. Goyal's remarks came a day after the government issued a statement on the US decision to impose tariffs.

Goayl said the Mnistry of Commerce and Industry is holding talks with exporters, industries and all stakeholders and gathering information on their assessment of this issue.

'On April 2, 2025, the US President issued an executive order on reciprocal tariffs...ten per cent baseline duty in effect since April 2025. With a 10% baseline tariff, a total of 26% tariff was announced for India. Full country-specific additional tariff was scheduled to come into effect on April 9 but on April 10 this was extended initially for 90 days and then extended till August 1 2025,' Goyal said.

'Government gives utmost priority to the safeguarding of welfare of farmers, labourers, entrepreneurs, industrialists, exporters, MSMEs and stakeholders of the industrial sector. We will take all necessary steps to safeguard our national interest. The Government is confident that we will continue our swift journey of inclusive and consistent development towards the goal of Viksit Bharat 2047. Aatmanirbharta ki ore Bharat aatmavishwas se badh raha hai,' he added.

The Union Minister said that in less than a decade, India came out of the 'Fragile Five' economies and it has now become the fastest-growing economy in the world.

Donald Trump announced 25 per cent tariffs on Indian goods. He also threatened to impose an additional penalty for purchasing oil from Russia. The tariffs will be effective from August 7. (ANI)