NEW DELHI : Union Commerce Minister Shri Piyush Goyal on Monday said the “applied tariffs” to the US are only 7-8 per cent, which he described as not humongous. Declining to disclose details on the ongoing negotiations with the US, which has slapped a 26 per cent “reciprocal tariff” on the country, Goyal said India believes it can have bilateral trade pacts with countries that exercise fair trade practices.

On the US tariff predicament, Goyal explained that India’s tariffs are a protection against unfair trade and a shield against economies indulging in . . .