Indian Prime Minister Narendra Modi said on Thursday affirmed his unwavering commitment to India’s agricultural community, vowing to protect farmers, dairy producers, and fishermen even in the face of sweeping 50% U.S. tariffs.
"For us, our farmers' welfare is supreme," Modi said at an event in New Delhi.
"India will never compromise on the wellbeing of its farmers, dairy (sector) and fishermen. And I know personally I will have to pay a heavy price for it," he said.
The comments follow President Donald Trump announced a new 25% tariff on Indian goods on Wednesday, bringing the total duty to 50%- one of the highest imposed on a U.S. trade partner. The tariff, set to take effect on 28 August, is intended to penalise India for continuing its imports of Russian oil.
Although Indian Prime Minister Narendra Modi did not directly address the U.S. or the stalled trade talks, his remarks strongly defended India’s stance.
Negotiations between India and the U.S. collapsed after five rounds due to disagreements over opening India’s agricultural and dairy markets and halting Russian oil imports.
India’s foreign ministry has criticized the U.S. move as 'extremely unfortunate' and stated it will “take all necessary steps to safeguard national interests.”
Analysts note that India’s limited leverage, compared to China’s advantage in rare earth resources, may complicate a U.S. tariff response.
On the domestic front, India’s equity markets dipped modestly, with the benchmark Nifty 50 index falling between 0.5% and 0.6% amid investor concern over export vulnerabilities.
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Germany's parliament approved on Thursday the nation's first annual budget since sweeping reforms to loosen fiscal rules were passed earlier this year, securing record investments to revive the economy while committing to an increase in defence spending.
Ukrainian troops and engineers will train their Polish counterparts in a joint group on countering drones, Ukraine's defence minister Denys Shmyhal said on Thursday, a week after Russian drones flew into Poland.
The Ambassador of Afghanistan to Russia, Ghulam Hassan, has met with Zamir Kabulov, Moscow’s Special Envoy for Afghanistan, to discuss deepening ties and regional engagement, the Afghan embassy in Moscow said on Wednesday.
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