New Delhi [India], August 7 (ANI): Azad Samaj Party President and MP Chandrashekhar Azad on Thursday said that the country's economy and industrialists will suffer due to the imposition of an additional 25 per cent tariff by US President Donald Trump on India for purchasing Russian oil.

Speaking to ANI outside parliament, Azad called for a solid solution to the issue.

'This will cause losses to our economy and industrialists because if a product costing Rs 1000 will cost Rs 1500, sales will decrease, and hence the industrialists will suffer. The GoI should think of a solid solution on this... If our foreign policy is strong, no nation will take such steps against us,' he said.

On Wednesday, US President Donald Trump signed an Executive Order imposing an additional 25 per cent tariff on imports from India.

According to the order issued by the White House, Trump cited matters of national security and foreign policy concerns, as well as other relevant trade laws, for the increase, claiming that India's imports of Russian oil, directly or indirectly, pose an 'unusual and extraordinary threat' to the United States. After the order, the total tariff on Indian goods will be 50 per cent. While the initial duty becomes effective on August 7, the additional levy will come into effect after 21 days and will be imposed on all Indian goods imported into the US, except for goods already in transit or those meeting specific exemptions.

The Executive Order also allows for modifications based on changing circumstances, including potential retaliation by other countries or steps taken by Russia or India to address the national emergency.

Earlier in a strong message against the tariffs imposed by the United States, Prime Minister Narendra Modi on Thursday asserted that farmers remain India's top priority and that the country would never compromise their interests.

'For us, the interest of our farmers is our top priority. India will never compromise on the interests of farmers, fishermen and dairy farmers. I know we will have to pay a heavy price for it, and I am ready for it. India is ready for it,' PM Modi said while addressing the MS Swaminathan Centenary International Conference.

However, India has so far resisted opening the agricultural sector and dairy products, due to concerns about domestic livelihoods and potential impacts on farmers. (ANI)