Indian Interests Top Priority, No Compromise Over US Tariffs: Sources

Indian Interests Top Priority, No Compromise Over US Tariffs: US President Donald Trump’s 25% tariff won’t hurt the economy, says government official. The official said exports and GDP will be minimal impacted and agriculture, dairy and MSMEs will be protected.

The government is watching closely but sees no reason to panic.

“There may be a marginal impact of the 25% tariff, but this impact is not at all alarming on Indian markets,” the official said. “The worst-case scenario may lead to a GDP loss of less than 0.2%, which is manageable.”

The official made it clear that India will not compromise on the interests of its farmers. “The farmer’s interest is paramount. There is no question of allowing the import of genetically modified (GM) crops,” the source said. “India will not agree to any terms that hurt our agriculture or dairy sectors.”

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There will be no relaxation on religious sensitive issues like non-vegetarian milk and beef products, the official confirmed.

“There is no compromise on issues like non-veg milk and beef. These are matters of food safety and religious sentiment,” the official added.

While the tariff has created concern across sectors, the government source said most of the goods exported to US from India are not under the new tariff. “Exports may fall slightly but a large chunk of Indian goods going to US will remain out of the new duties,” the official said.

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Impact will be seen only in few segments and not on a large scale. Government is keeping a close watch and is prepared to take action if things change.

Government is in talks with US for a bilateral trade agreement (BTA) which could also help reduce trade tensions.“Negotiations for the BTA are moving in the right direction,” the official said. “Once that deal is in place, both countries will have the opportunity to review the tariff structure.”

Source also said India is not under pressure and will continue to protect national interest. “India is giving top priority to its interests. There will be no adverse effect allowed on the interests of Indian farmers. The interests of the agriculture and MSME sectors will be protected at all costs.”

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