Prime Minister Narendra Modi on Thursday said that he is ready to bear the cost of protecting India’s agricultural trade and the country would never compromise on farmers and fishermen interests, as US President Donald Trump announced to impose 50 per cent tariffs on India.

Addressing the MS Swaminathan Centenary International Conference here, PM Modi said that "for us, the interest of farmers remains our top priority".

“India will never compromise on the interests of farmers, fishermen and dairy farmers,” the Prime Minister told the gathering.

PM Modi further said that “I know we will have to pay a heavy price for it and I am ready for it. India is ready for it."

The Prime MInister's remarks came amid a trade standoff, triggered by Trump's announcement of 25 per cent import duty on Indian goods, effective from August 7. He cited India’s purchase of crude oil and military hardware from Russia as grounds for another 25 per cent tariff hike, effective from August 27.

India has categorically said that the latest tariff actions by Trump are "unfair, unjustified and unreasonable".

"We reiterate that these actions are unfair, unjustified, and unreasonable. India will take all actions necessary to protect its national interests," an MEA spokesperson said in a statement.

The United States has in recent days targeted India’s oil imports from Russia. "We have already made clear our position on these issues, including the fact that our imports are based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India," the MEA spokesperson said.

"It is, therefore, extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest," said the official statement.

The new tariffs will be applied to all eligible Indian goods entering the US from 21 days after the order’s signing, except for shipments already in transit before the deadline and cleared before September 17.