PM Modi Responds To Trump's Tariff Hike — 'No Compromise On Farmers' Interest'
PM Modi said he is willing to "pay the price personally" for standing up for farmers' interest in the face of US tariffs.
Prime Minister Narendra Modi responded to US President Donald Trump raising tariffs on India from 25% to 50% and said that India will not compromise on the interests of farmers, livestock holders, and fishermen.
"Interests of farmers are a top national priority. India will never compromise on the interests of farmers, livestock holders and fishermen. I know I'll have to pay the price for it personally, but I'm ready to do it for the farmers," Modi said at the MS Swaminathan Centenary International Conference at New Delhi on Thursday.
As per reports, the US has been demanding broad access to India's agricultural and dairy market — a sensitive sector that influences the livelihoods of millions of farmers.
Trump announced on Wednesday night that the US would levy an additional tariff of 25% on India for buying Russian oil on top of the 25% 'reciprocal' duty imposed earlier on Aug. 1.
"I find that the Government of India is currently directly or indirectly importing Russian Federation oil," he stated in the order, uploaded by the White House on its website. This additional 25% tariff will come into effect from Aug. 27, as per the order.
The tariffs on India have been imposed despite both sides being locked in trade deal negotiations. The fifth round of talks concluded in Washington last month, and a team from the US is expected to visit New Delhi on Aug. 25 for the next set of deliberations.
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Besides the tariffs, Trump has repeatedly claimed credit for 'mediating' peace between India and Pakistan during the conflict in May. New Delhi has said the decision to agree on a ceasefire came after Islamabad's request and without outside involvement.
The president has also threatened BRICS countries with punitive actions for adopting economic policies that vary from the American-led system.
Shortly after Trump announced the additional 25% tariffs, the Ministry of External Affairs issued a statement, noting that the country will "take all actions necessary to protect its national interests."
The MEA said India's imports of Russian oil are based on market factors and done with the "overall objective of ensuring the energy security of 1.4 billion people of India".
"It is therefore extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest," it added.
