'Economic Selfishness On The Rise': PM Modi Hits Back Amid Trump’s 50% Tariff Hike On Indian Goods

New Delhi: Prime Minister Narendra Modi on Friday, August 15, said that India would not bow to “economic selfishness” in the face of the United States’ decision to double tariffs on Indian exports, insisting the country was “unstoppable” and must seize the moment to expand its share in global markets.

Speaking from the Red Fort on Independence Day, PM Modi warned that his government would not compromise on farmers’ interests or accept any policies “detrimental” to them. His remarks came after US President Donald Trump announced an additional 25% duty on Indian goods on August 6, later doubling it to 50%, citing New Delhi’s continued imports of Russian oil.

‘Time To Prove Our Mettle’ In Global Markets

Linking the current trade standoff to a broader economic mission, PM Modi urged traders and manufacturers to focus on lowering production costs and improving quality. “Daam kam, dum zyada (less price, higher quality) should be the mantra,” he said, adding that “economic selfishness is on the rise” globally.

“This is the time to script history. We have to rule the world market… It is time to prove our mettle in global markets with quality products,” he said. The Prime Minister also called on shopkeepers to display boards for ‘Swadeshi’ products, assuring that his government was open to policy changes to support domestic enterprise.

‘Will Stand Like A Wall’ For Farmers

Reiterating his support for the agricultural sector, PM Modi said, “Modi will stand like a wall for the farmers. I will not abandon my farmers. Farmers contribute a lot to our economy, they have made India top producer of several commodities.” Officials said India had not conceded to US demands for greater access to its agriculture and dairy markets in ongoing trade talks.

India has condemned the US tariff escalation as “unfair, unjustified and unreasonable”, warning of a likely impact on exports such as textiles, marine products and leather goods. Alongside Brazil, India will now face the highest US tariff rate of 50%. Russia, China and other nations have also criticised Washington’s move, calling it illegal trade pressure.