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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Thailand and Cambodia have agreed to halt all shooting from Friday evening following renewed fighting along their shared border, U.S. President Donald Trump said on Friday.
China’s Ministry of Commerce announced on Friday that it will introduce a licensing system for steel exports starting in 2026, covering around 300 steel products.
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Japan has lifted a tsunami advisory issued after an earthquake with a magnitude of 6.9 hit the country's northeastern region on Friday (12 December), the Japan Meteorological Agency (JMA) said. The JMA had earlier put the earthquake's preliminary magnitude at 6.7.
The United States issued new sanctions targeting Venezuela on Thursday, imposing curbs on three nephews of President Nicolas Maduro's wife, as well as six crude oil tankers and shipping companies linked to them, as Washington ramps up pressure on Caracas.
Iran is preparing to host a multilateral regional meeting next week in a bid to mediate between Afghanistan and Pakistan.
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Kyiv has escalated its naval campaign against Moscow’s economic lifelines, claiming a successful strike on a vessel suspected of skirting international sanctions within the Black Sea.
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Lebanon is prepared to demarcate its border with Syria, President Joseph Aoun said on Friday, while noting that the dispute over the Shebaa Farms could be addressed at a later stage.
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