Get ready for some global trade drama! 🌍 India has officially pushed back after the U.S. slapped a 50% tariff on its exports, kicking off the latest round in this mounting trade face-off. 🚀
On August 7, the U.S. rolled out a fresh wave of tariffs, hiking rates between 10% and a whopping 50% for dozens of trading partners. India and Brazil felt the brunt of these measures with the maximum 50% levy. Ouch! 😬
India's foreign ministry wasted no time in blasting the move as "unfair, unjustified and unreasonable," accusing Washington of double standards by sparing other big Russian oil importers from the same penalties.
Farmers at the center stage 🌾
"The interest of farmers is our top priority. India will never compromise with the interests of its farmers, livestock rearers and fishermen. I know that I will have to pay a huge price for this personally, but I am ready," Prime Minister Narendra Modi declared, underscoring New Delhi's determination to protect its agricultural backbone.
Washington had been pressing India to open its market to U.S. genetically modified crops and roll out the red carpet for American dairy and farm goods. But with hundreds of millions of farmers at stake, the Modi government stands firm, rejecting any compromise on GM imports.
Counter-punch in the ring 🥊
Voices in New Delhi are already calling for a comeback. Shashi Tharoor, an opposition MP from the Congress party, urged India to hit back with a 50% tariff of its own on U.S. goods. "If India doesn't matter to them, they should also not matter to us," he told reporters, firing up the debate over how far this trade fight will go.
What's next? 🤔
The U.S.-India trade saga is heating up, and global markets are watching closely. Will there be a new round of negotiations, or could we see more tit-for-tat duties? Stay tuned—this clash over markets, cows, and crops is far from over!
Reference(s):
cgtn.com
