The President of United States, Donald Trump is delivering one shot after another to the Indian economy by imposing unprecedented tariffs. After having earlier impose 25% tariff in India due to the oil trade with Russia, he had imposed the 25% yesterday, taking the total to 50%.
Why there is a lot of debate and economical discussion happening about this tariff policy that is being imposed by Trump, the Prime Minister of India Narendra Modi has reacted on this matter for the first time.
In his first public address of the tariff, Modi stated that India is not backing down from the prevailing situation and said the nations interest come first.
For us, the interest of our farmers is our top priority. India will never compromise on the interests of farmers, fishermen and dairy farmers. I know personally, I will have to pay a heavy price for it, but I am ready for it. Today, India is ready for the country’s farmers, fishermen and dairy farmers, Modi states.
It is evident that Prime Minister Modi is emphasising the prevailing trade relations with Russia and is not too concerned by the tariff war with the U.S.
It is an obvious fact that the tariff model imposed by Trump is going to have a serious effect on Indian exports, but it appears that Prime Minister Modi is fully prepared for the same.
This statement comes in the context of ongoing trade negotiations with the US, where there are concerns about the impact of opening India’s dairy sector to American imports, as highlighted by a State Bank of India report suggesting potential annual losses of Rs 1.03 lakh crore for Indian dairy farmers due to price reductions and increased competition.
Related