'Will protect our farmers and MSMEs': India reacts to Trump's 25% tariffs, says will take steps to secure 'our national interest'
&imwidth=600&imheight=450&format=webp&quality=medium "'Will protect our farmers and MSMEs': India reacts to Trump's 25% tariffs, says will take steps to secure 'our national interest'")
Indian Prime Minister Narendra Modi and US President Donald Trump Photograph: (Reuters)
The Indian Ministry of Commerce and Industry noted that India and the US have been engaged in negotiations on concluding a fair, balanced, and mutually beneficial bilateral trade agreement over the last few months.
India on Wednesday (July 30) reacted to the US imposing 25 per cent tariffs on India after President Donald Trump slapped massive tariffs along with penalties on India. The Indian Ministry of Commerce and Industry stated that the government is studying the implications of tariffs.
In a statement issued just hours after Trump announced tariffs on India, the ministry said that the government has taken note of a statement by the US President on bilateral trade. "The Government is studying its implications."
It further noted that India and the US have been engaged in negotiations on concluding a fair, balanced, and mutually beneficial bilateral trade agreement over the last few months.
"We remain committed to that objective. The Government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs," it stated.
The Commerce ministry stressed that the Indian government will take all steps necessary to "secure our national interest", adding that it has been the case with other trade agreements, including the latest Comprehensive Economic and Trade Agreement with the UK.
