PM Narendra Modi emphasised India’s commitment to farmers’ interests amid Donald Trump’s tariff hike on Indian exports.
Amid rising concerns over Donald Trump’s steep tariff hike on Indian exports, Prime Minister Narendra Modi on Thursday said India would never compromise on the interests of its farmers, even if it means facing economic consequences.
Speaking at the MS Swaminathan Centenary International Conference in Delhi, PM Narendra Modi said, “For us, the interest of our farmers is our top priority. India will never compromise on the interests of farmers, fishermen and dairy farmers. I know we will have to pay a heavy price for it, and I am ready for it. India is ready for it.”
His comments come against the backdrop of the US president announcing a further increase in the US tariff on Indian goods, including agricultural products, to 50%.
According to During trade negotiations the US was pushing for greater access to India’s agricultural market, specially corn, soybeans, and cotton. However, India has, so far, resisted opening of the agricultural sector, and dairy products, due to concerns about domestic livelihoods and potential impacts on farmers.
Earlier on Wednesday, Donald Trump signed an executive order imposing an additional 25% tariff on imports from India.
According to the order issued by the White House, Trump cited matters of national security and foreign policy concerns, as well as other relevant trade laws, for the increase, claiming that India’s imports of Russian oil, directly or indirectly, pose an “unusual and extraordinary threat” to the United States.
After the order, the total tariff on Indian goods will be 50%. While the initial duty came into effect on August 7, the additional levy will come into effect after 21 days and will be imposed on all Indian goods imported into the US, except for goods already in transit or those meeting specific exemptions.
Earlier on Wednesday, Donald Trump signed an executive order imposing an additional 25% tariff on imports from India.
According to the order issued by the White House, Trump cited matters of national security and foreign policy concerns, as well as other relevant trade laws, for the increase, claiming that India’s imports of Russian oil, directly or indirectly, pose an “unusual and extraordinary threat” to the United States.
After the order, the total tariff on Indian goods will be 50%. While the initial duty came into effect on August 7, the additional levy will come into effect after 21 days and will be imposed on all Indian goods imported into the US, except for goods already in transit or those meeting specific exemptions.
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