New Delhi, Aug 8 Prime Minister Narendra Modi will chair a crucial high-level Cabinet meeting on Friday at 1 p.m. to assess the impact of the steep tariff hike recently imposed by the US on Indian exports.
The move comes amid escalating trade tensions between the two nations, following the US decision to raise tariffs on Indian goods to a total of 50 per cent.
The meeting is expected to discuss India's strategic response to the US action.
The latest round of tariffs, an additional 25 per cent hike, was announced by US President Donald Trump on Wednesday, citing India’s continued imports of Russian crude oil as the primary reason. This comes on top of a previous 25 per cent tariff that came into effect on July 20.
Responding sharply to the US move, the Ministry of External Affairs called the decision "unfair, unjustified, and unreasonable", stating that India’s energy needs and strategic autonomy must be respected.
In a public statement shortly after the new tariffs took effect, Prime Minister Modi reiterated his government's unwavering support for India’s farmers, livestock holders, and fishermen.
Speaking at the MS Swaminathan Centenary International Conference in Delhi on Thursday, he said, "The interest of farmers is our top priority. India will never compromise with the interests of its farmers, livestock holders, and fishermen. And I know that I will have to pay a huge price for this personally, but I am ready. India is ready, for the sake of the country's farmers, fishermen and livestock holders."
Trump ruled out negotiations with India on the tariffs on Thursday. “No, not until we get it resolved”, he said when a reporter asked him if he expected more negotiations following the announcement of the 50 per cent tariff that is to take effect on August 27.
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