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A day after United States President Donald Trump announced a 50 percent tariff on Indian goods, the country’s prime minister vowed he would not compromise the agricultural sector.
India already faced a 25 per cent US levy on its exports after failing to reach a trade deal with Washington before Trump’s 1 August deadline. Speaking at an event in New Delhi, India’s Prime Minister Narendra Modi on Thursday said he would not compromise the interests of his country’s farmers even if he has to pay a heavy personal price.
One of the main sticking blocks for New Delhi in trade negotiations with Washington has been its demand to access India’s vast agricultural and dairy market.India and the US have had five rounds of negotiations on a bilateral trade agreement, but have not been able to clinch one so far.
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Trump has said that the new tariff, which comes into effect on 28 August, is meant to penalise India for continuing to buy Russian oil. The escalation in the standoff between the 2 countries now sees India at the top of the list with Brazil, facing the highest Trump levies. Policy experts suggest the dip in rapport between the two leaders puts a strategic bilateral relationship built over decades at risk.