India will never compromise... Ready to pay the price, says PM Modi after US tariff hike

Prime Minister Narendra Modi on Thursday declared that India would not compromise on the interests of its farmers, stating he is "ready to pay a heavy price" to protect them. His remarks came hours after the United States imposed an additional 25% tariff on Indian exports, a move that has raised concerns over worsening bilateral economic ties.

Speaking at the MS Swaminathan Centenary International Conference, PM Modi directly addressed the issue, emphasizing his government's stance.

"For us, the interest of our farmers is our top priority. India will never compromise on the interests of farmers, fishermen and dairy farmers," Modi said. "I know we will have to pay a heavy price for it and I am ready for it. India is ready for it."

The new US tariffs have cast a shadow over India-US trade relations, with analysts closely watching for potential economic repercussions. 

This is Prime Minister Modi's first statement since the US President signed an executive order increasing tariffs on Indian goods to a total of 50%.

The new tariffs, which went into effect on Wednesday, raise the rate on Indian goods from the previous 25%. In the executive order, the White House claimed that India's imports of Russian oil pose an "unusual and extraordinary threat" to the United States, providing the justification for the increased tariffs.