Indian Prime Minister Narendra Modi said on Thursday he will not compromise the interests of the country's farmers even if he has to pay a heavy price, in his first comments after U.S. President Donald Trump's salvo of a 50% tariff on Indian goods.

Trump announced an additional 25% tariff on Indian goods on Wednesday, raising the total duty to 50% — among the highest imposed on any U.S. trading partner. The additional tariff, effective August 28, is meant to penalise India for continuing to buy Russian oil, Trump has said.

The Indian prime minister has said his country "is ready" to react to President Donald Trump's additional 25 percent levy on goods entering the U.S.