INTERNATIONAL
Modi vows to protect farmers amid US tariff hike as Indians fear job, trade fallout
Women plant rice saplings at a paddy field in a village in Nagaon district, in the northeastern state of Assam, India. - REUTERS/Filepic
Indian Prime Minister Narendra Modi said on Thursday (August 7) he will not compromise the interests of the country's farmers even if he has to pay a heavy price for it, in his first comments after U.S. President Donald Trump's salvo of a 50% tariff on Indian goods.
AI Brief
"For us, our farmers' welfare is supreme," Modi said in a function 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.
Trump announced an additional 25% tariff on the South Asian nation on Thursday, taking the total levy on Indian goods being exported to the U.S. to 50% - among the highest levied on any U.S. trading partner.
"The 50 percent tariff that the United States has imposed is absolutely wrong. Our country is developed, but is not as developed as the United States. So, the tariff will affect the Indian market and trade. We are against it. What America is thinking is wrong," said resident S.N. Thorat.
The tariff announcements were published in front-page headlines across Indian dailies, as Indian shares fell with the benchmarks slipping to three-month lows, stoking concerns over the economic impact of heightened trade tensions.
Your gateway to global news, insights, and stories that matter.
AI Brief
- Modi says India will not compromise on farmers welfare despite global pressure and trade consequences.
- Trump raises tariffs on Indian exports to 50%, one of the highest against any US trading partner.
- The tariff hike triggers market declines and concern in India over worsening trade tensions.
"For us, our farmers' welfare is supreme," Modi said in a function 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.
Trump announced an additional 25% tariff on the South Asian nation on Thursday, taking the total levy on Indian goods being exported to the U.S. to 50% - among the highest levied on any U.S. trading partner.
"The 50 percent tariff that the United States has imposed is absolutely wrong. Our country is developed, but is not as developed as the United States. So, the tariff will affect the Indian market and trade. We are against it. What America is thinking is wrong," said resident S.N. Thorat.
The tariff announcements were published in front-page headlines across Indian dailies, as Indian shares fell with the benchmarks slipping to three-month lows, stoking concerns over the economic impact of heightened trade tensions.