In a resolute address, Indian Prime Minister Narendra Modi emphasized India's unwavering commitment to safeguarding the interests of its farmers, fishermen, and livestock herders, despite escalating trade tensions with the United States. Modi's remarks came in response to the U.S. imposing a 25% tariff on Indian goods, raising the total duties to 50%, a move attributed to India's continued purchase of Russian oil.

Addressing the MS Swaminathan Centenary International Conference in New Delhi, Modi stated, "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."

The U.S. administration's decision to impose additional tariffs has been a point of contention, with President Donald Trump expressing concerns over India's oil trade with Russia amidst the ongoing conflict in Ukraine. Despite these tensions, Trump has indicated a willingness to engage in further discussions to resolve trade barriers.

In response to the escalating trade disputes, India has initiated consultations with exporters, industry bodies, and relevant stakeholders to assess the potential impact of the new U.S. trade actions and to formulate an effective response strategy. These discussions aim to safeguard the interests of a broad spectrum of the Indian economy, including farmers, laborers, entrepreneurs, industrialists, exporters, and micro, small, and medium enterprises .

The trade tensions have also led to a decline in India's exports to the U.S., with figures dropping from $8.01 billion in July to $6.86 billion in August. Overall, India's exports decreased to $35.10 billion in August, the lowest in nine months. The full effect of the increased tariffs is expected to be more pronounced in subsequent months.

As both nations continue to navigate these complex trade dynamics, the global community watches closely, anticipating the potential implications for international trade relations and economic stability.