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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Start your day informed with AnewZ Morning Brief: here are the top news stories for 29 October, covering the latest developments you need to know.
U.S. President Donald Trump landed in South Korea on Wednesday for the final leg of his Asia trip, optimistic about striking a trade war truce with Chinese President Xi Jinping after summit talks with South Korea's Lee Jae Myung.
U.S. President Donald Trump said on Wednesday that a U.S.-backed ceasefire in Gaza was not at risk after local authorities reported that 26 people had been killed in Israeli strikes, as Israel and Hamas traded accusations of blame for the violence.
South Korea will welcome U.S. President Donald Trump on Wednesday with a replica gold crown and award him with the "Grand Order of Mugunghwa", the country's highest decoration, the presidential office said.
Hurricane Melissa barrelled toward Cuba’s second-largest city on Tuesday after making landfall in Jamaica as a catastrophic Category 5 storm, the strongest cyclone ever recorded to hit the Caribbean island nation.
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