New Delhi: Prime Minister Narendra Modi on Thursday said that farmers' interest is India's top priority and the country will never compromise. The Prime Minister's remarks came a day US President Donald Trump imposes 50 per cent tariffs on Indian products.
"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 we will have to pay a heavy price for it and I am ready for it. India is ready for it," PM Modi said while addressing the MS Swaminathan Centenary International Conference in New Delhi.
Trump Announces Additional Tariffs On India:
On Wednesday, Trump signed an Executive Order imposing an additional 25 per cent tariff on imports from India over New Delhi's purchase of Russian oil.
According to the order issued by the White House the US President cited matters of national security and foreign policy concerns, as well as other relevant trade laws, for the increase, claiming that India's imports of Russian oil, directly or indirectly, pose an "unusual and extraordinary threat" to the United States. After the order, the total tariff on Indian goods will be 50 per cent.
Last week, Trump initially imposed 25 per cent tariffs on Indian goods. While the initial duty becomes effective on August 7, the additional levy will come into effect after 21 days and will be imposed on all Indian goods imported into the US. Notably, goods already in transit or those meeting specific exemptions are not in placed under heavy tariffs by the US.
"Accordingly, and as consistent with applicable law, articles of India imported into the customs territory of the United States shall be subject to an additional ad valorem rate of duty of 25 per cent," the order stated.
"This rate of duty shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time 21 days after the date of this order, except for goods that (1) were loaded onto a vessel at the port of loading and in transit on the final mode of transit prior to entry into the United States before 12:01 a.m. eastern daylight time 21 days after the date of this order," the order added.
