Piyush Goyal is in the news as India’s top trade boss, shaping policies amid US-India tariff tensions. He’s been Minister of Commerce since 2019.
On February 2, 2026, the US announced it would reduce tariffs on Indian goods from 25% to 18%, rescinding an additional 25% duty imposed over India's Russian oil imports. India agreed to buy over $500 billion in US products and reportedly to stop purchasing Russian oil, aiming to ease tensions and support ending the Ukraine war. Modi welcomed the tariff cut but did not confirm halting Russian oil purchases.
Prime Minister Narendra Modi visited Malaysia for the first time in over a decade, where he signed multiple agreements with Malaysian PM Anwar Ibrahim. The deals focus on renewable energy, healthcare, AI, and semiconductor cooperation, aiming to strengthen bilateral trade and strategic partnership.
On February 6-7, 2026, the US and India announced a trade framework reducing US tariffs on Indian goods from 50% to 18%, contingent on India halting Russian oil imports. India agreed to lower tariffs on US industrial and agricultural products and commit to $500 billion in US purchases over five years. The deal faces domestic opposition in India, especially from farmers and unions concerned about agricultural exposure.
Opposition in India protests a US trade agreement seen as threatening small farmers, amid government claims of economic benefits. The deal involves tariff reductions and strategic ties, but faces resistance over agricultural and labor reforms, with protests disrupting public services.