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 additional tariffs on Indian goods, a move that has intensified bilateral trade disputes.
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. has recently escalated trade tensions by imposing a 25% tariff on Indian goods, citing concerns over India's continued purchase of Russian oil amid the ongoing conflict in Ukraine. This action has raised the total duties on Indian exports to the U.S. to 50%, among the highest imposed on any trading partner.
In response to these developments, India's Ministry of External Affairs criticized the new trade penalties, calling them "unjustified, unfair, and unreasonable." The ministry highlighted that India's energy imports, including those from Russia, are based on economic and strategic considerations aimed at ensuring affordable and reliable energy access for its 1.4 billion citizens.
Despite the escalating trade tensions, Modi has called for a renewed focus on self-reliance, particularly in sectors such as fertilizers, jet engines, and electric vehicle batteries. He emphasized the need for India to become self-sufficient to safeguard its economic interests and reduce dependency on foreign imports.
The ongoing trade disputes have also led to a freeze in negotiations over a bilateral trade agreement between India and the U.S. Key sticking points include Washington's push for broader access to India's agricultural markets and India's oil policies. As tensions continue to rise, both nations are seeking ways to navigate the complex trade landscape to protect their respective economic interests.
