'India will protect its farmers, entrepreneurs'
Responding to US President Donald Trump's announcement of 25 percent import tariffs on India, New Delhi today said it would take all steps to protect its national interest.
The Indian commerce ministry in a statement said, "The government has taken note of a statement by the US president on bilateral trade. The government is studying its implications."
For all latest news, follow The Daily Star's Google News channel. 
It said, "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 utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs.
"The government will take all steps necessary to secure our national interest, as has been the case with other trade agreements including the latest Comprehensive Economic and Trade Agreement with the UK. "
Trump, in a post on Truth Social, announced that India will pay 25 percent tariff on all exports from August 1 "plus penalty for buying Russian oil and military arms".
India's crude oil imports from Russia have steadily mounted since the Russia-Ukraine war broke out in February 2022, from 0.2% of its total energy portfolio to an estimated 35-40%.
India is the second-largest buyer of Russian oil after China.
Comments