New Delhi, Jul 30 (PTI) The government on Wednesday said it is studying the implications of US President Donald Trump's announcement to impose 25 per cent tariffs on Indian goods, along with a penalty from August 1.

Trump announced the imposition of a 25 per cent tariff on all goods coming from India, plus an unspecified penalty for buying military equipment and crude oil from Russia.

"The Government has taken note of a statement by the US President on bilateral trade. The Government is studying its implications," an official statement said.

India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months.

"We remain committed to that objective," the statement said.

"The government attaches the utmost importance to protecting and promoting the welfare of farmers, entrepreneurs, and MSMEs. The Government will take all steps necessary to secure our national interest, as has been the case with other trade agreements, including the latest Comprehensive Economic and Trade Agreement with the UK," it added. PTI RR CS RR MR

Tariff imposition on Indian goods prompts government review and commitment to protect farmers and MSMEs. The Government is assessing the implications of a unilateral tariff imposition and related penalty announced by the United States, while reaffirming commitment to ongoing bilateral trade negotiations. It emphasises protecting farmers, entrepreneurs and MSMEs and signals readiness to adopt necessary measures to safeguard national interest and market access, citing prior trade arrangements as precedent.