New Delhi: A day after the Donald Trump administration said that it would effectively impose a 50% tariff on India, prime minister Narendra Modi said at a public event that he is ready to "pay a big price" for his government's unwillingness to compromise on farmers' interests.

Modi has so far not commented directly on the multiple tariff announcements and mentions of India's purchase of Russian oil by Trump – who he had claimed multiple times was his friend.

New Delhi yesterday denounced as “extremely unfortunate” the move to impose an additional 25% tariff on top of the ‘reciprocal’ 25% levy as a penalty for India's purchase of Russian oil.

Addressing the MS Swaminathan Centenary International Conference in Delhi, Modi said today in Hindi, "Farmers' interest is our top priority. India will never compromise on the interest of farmers, fisherfolks and dairy farmers. Personally, I know that I will have to pay a big price for this, but I am ready for it."

Agriculture had been a sticking point in the bilateral trade talks between India and the US, even though trade in farm produce between the two countries is poised to touch a new record this year.

Incidentally, shrimp is among sectors which would bear the brunt of a 50% tariff.

"We are already facing huge competition from Ecuador as it has only 15 per cent tariff. Indian shrimp already attracts a 2.49 per cent anti-dumping duty and a 5.77 per cent countervailing duty. After this 25 per cent, the duty will be 33.26 per cent from August 7," seafood exporter Yogesh Gupta told NDTV.

It was under Modi's rule that India witnessed one of its biggest farmers’ movements from July 2020 to December 2021, leading to a public announcement by Modi, rolling back the three centrally-imposed farmers' laws. The promises made by the government then remain unfulfilled and subsequent marches and sit-ins at borders have been brutally quelled.

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