India’s PM is prepared to pay personal price for US trade dispute
Total tariffs of 50% on exports from India to the US came into effect on August 26 after trade talks ended without an agreement.
In the build-up to the deadline, India’s prime minister, Narendra Modi, said a major reason for the stand-off was that he had not wanted to accept US insistence on greater access to the Indian market for its agricultural exports.
Mr Modi said he would never compromise on the interests of India’s farmers, including livestock producers. He added that he knew he may have to pay “a heavy price, personally” for the damage a long trade dispute with the US could cause, but said he was prepared to pay it.
India’s leather industry has said shipments to the US market accounts for around 20% of its annual export revenues at the moment. This suggests a value of leather exports to the US of as much as $1 billion per year.
