Ready to pay personal price to protect farmers’ interest, says PM Modi after Donald Trump imposes additional tariffs
His words come in the midst of the chaos of the chaos on the Trump administration, which increases the tariff imposition from India to 50 percent. During the commercial negotiations, the United States was pressing for further access to India’s agricultural market, private corn, soybeans and cotton.
In a strong message against the tariffs brought by the United States, Prime Minister Narendra Modi said in a statement on Thursday that India would give priority to the interests of India, and that it would not compromise its farmers, fishermen and milk industry, even if it is at a high cost. When US President Donald Trump applied a 50% tariff to India for ongoing Russian oil purchases, his comments were perceived as a direct response.
Speaking at the MS Swaminathan Yüzüncü International Conference in Delhi, PM Narendra Modi said, ında For us, our farmers’ interest is our biggest priority.
His words come in the midst of the chaos of the chaos on the Trump administration, which increases the tariff imposition from India to 50 percent. During the commercial negotiations, the United States was pressing for further access to India’s agricultural market, private corn, soybeans and cotton.
However, India has resisted the opening of the agricultural sector and dairy products due to concerns about internal livelihoods and potential effects on farmers.
In the early hours of Wednesday, US President Donald Trump signed an executive order that brings 25 percent more tariffs from India for imports.
According to the White House, Trump increased the issues of national security and foreign policy concerns and other relevant trade laws, claiming that India’s direct or indirect imports of Russian oil imports constitute a “unusual and extraordinary threat to the United States. After ordering, the total tariff on Indian goods will be 50 percent. Although the first task comes into force on August 7, the additional tax will be enacted after 21 days and will be applied to all Indian goods imported to the United States, except for goods that already meet transit or specific exemptions.
The executive order also allows modifications based on changing conditions, including potential retaliation by other countries or to address national emergencies by Russia or India.
In the meantime, economists think that the US additional tariff movement can exceed India’s GDP growth by 0.4 percent in 26 fiscal years.
Sonal Badhan, the Economy of the Bank in the Bar Association, said to the Anı: “Initially, the 25-26 percent effect of the US on imports from India (on GDP growth) 0.2 percent (on the GDP growth) we have priced.
Depending on the final trade agreement, the total effect of these tariffs on GDP growth may vary between 0.2-0.4 percent. Among the sectors that are likely to be influenced, clothes, precious stones, electronics, pharmaceuticals, automobiles and MSMes.
Executive order applied tariffs for most Indian imports, while some items execution order 14257 Annex II.
(With inputs from the moment)
