Prime Minister Narendra Modi has called an emergency Union Cabinet meeting at 1 pm on Friday as the tariffs row between India and the US heats up after President Donald Trump announced an extra 25 per cent levies on imports from India over New Delhi's oil trade with Russia. This raised the total US tariffs on Indian goods to 50 per cent.
According to media reports, the Cabinet is expected to discuss the way forward to deal with the US and decide the future strategic course of action.
In the latest escalation, Trump on Thursday also ruled out having any trade deal talks with India until the tariffs issue is resolved.
Trump hikes tariffs on India
Trump on Wednesday announced an additional 25 per cent tariff on Indian goods, citing India’s continued purchase of Russian crude oil as the primary reason. This latest hike comes on top of a previous 25 per cent duty that was implemented on July 20.
In a sharp response, the Ministry of External Affairs condemned the move, calling it "unfair, unjustified, and unreasonable." The ministry stressed that India’s energy needs and strategic autonomy must be respected.
PM Modi's stern message to Trump
On Thursday, PM Modi reaffirmed that safeguarding the interests of farmers remains his government's highest priority and declared that India will never compromise on that front. His statement came a day after Trump imposed the additional tariffs, citing India's continued purchase of Russian crude oil.
Speaking at the MS Swaminathan Centenary International Conference in Delhi, Modi acknowledged that taking such a stand might come at a personal cost, but said he was prepared for it.
"For us, the welfare of farmers is the topmost priority. India will never compromise the interests of its farmers, fishermen, or those in the dairy sector. I know I may have to pay a price for this, and I am ready," he said.
