Finance Minister Nirmala Sitharaman | Photo: PTI Finance Minister Nirmala Sitharaman | Photo: PTI

Union Finance Minister Nirmala Sitharaman addressed the tariff row in United States and admitted that it is going to affect Indian economy as well, she added that India may need to increase tariffs too. Sitharaman also mentioned that Union Minister Piyush Goyal is going to USA and holding talks with the government there.

The Finance Minister's statement comes at a time when United States President Donald Trump announced reciprocity of tariffs with all US trade partners in order to be 'fair'. Trump has time and again expressed his discontent with India imposing higher tariffs on US goods. He reiterated this again yesterday while signing executive orders at the the Oval Office.

Trump reportedly said, “And the big one will be on April 2, when reciprocal tariffs, so if India or China, or any of the countries that really…India is a very high tariff nation."

What Did Finance Minister Nirmala Sitharam Say?

Nirmala Sitharaman was speaking at an event in Visakhapatnam when she stated that the tariffs are likely to increase with the recent decision of the US President.

Sitharaman reportedly said, "Tariff is something the US President has been speaking about. The Commerce Minister (Piyush Goyal) has already gone to the US (to) engage with US officials, including the United States Trade Representative (USTR)."

"We will have to see how the Commerce Ministry takes up negotiations with the U.S. to ensure that our interests are well-represented," she added.

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Addressing this topic further, the Union Finance Minister also mentioned the new income tax rebates that were announced in the Union Budget 2025.

She said that the new budget has offered new methods for taxpayers in the income tax payment system which is aimed to make their lives easier and she hopes that the tax relief will help increase the number of people paying taxes in future which is currently 'only three crore'.

Sitharaman also spoke about the government holding public discussiond on Union Budget in Mumbai and Visakhapatnam.

She was quoted by ANI saying, "we met people from different sections of the society during our session in Visakhapatnam, and took their suggestions and recommendations on the budget, highlighting the government's openness."

Also Read | Trump Approves Reciprocating Tariffs With US Trading Partners; How Will It Impact India?

Trump Reiterates 'High' Tariffs in India

India is a very high tariff nation, US President Donald Trump has said as he reiterated that reciprocal tariffs on countries that impose levies on American goods will kick in on April 2.   

“And the big one will be on April 2, when reciprocal tariffs, so if India or China,9x999 cassino or any of the countries that really…India is a very high tariff nation," he said.

"I'll tell you what's a high tariff nation - it's Canada. Canada charges us 250% for our milk product and other products, and a tremendous tariff with lumber and things as such. And yet we don't need their lumber. We have more lumber than they do. We don't need Canada's lumber,” Trump said in the Oval Office on Thursday as he signed some executive orders.

Trump also said right now, the tariffs are “temporary" and "small ones” but “the predominant tariffs” that will be reciprocal in nature, will start from April 2 and they will be a “big game changer for our country.

“Because we've been ripped off by every country in the world, and now whatever they charge us, they charge us 150-200% (and) we charge them nothing. So whatever they charge us, we're going to charge them, and there'll be no getting out of it. So we look forward to April 2. I've been looking forward to that date for a long time. And that'll be something very big,” Trump said.

This is the second time in this week that Trump has remarked about India’s tariffs.

In his address to the joint session of Congress on Tuesday, the first of his second term in the White House, Trump criticized the high tariffs charged by India and other countries and termed them as “very unfair”.

Earlier he has spoken about this and expressed his concern about continuing trade with India in future.

"That was a difficult match, we got our chances but could not convert them, that's it. Then you can see it in the scoreline. It's a matter of homework777win," India's long-time goalkeeper Sreejesh said after the close defeat.