Modi, however, has begun to push back. He said on Thursday the country was ready to stand by its farmers at any cost, without referring to the tussle with the U.S. on opening up the agricultural and dairy sectors to lower Trump's tariffs.

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.

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.

President Donald Trump is lashing out at India over Russian oil imports amid mounting trade tensions. On Wednesday, he doubled tariffs on India to 50 percent.

Narendra Modi has vowed to deepen India’s ties with Russia, despite Donald Trump’s tariff threats over buying Russian oil.

The 50% tariffs President Trump announced this week were officially designed to drive a wedge between India and Russia, but so far the only rupture they've caused is with the United States. Why it matters: The steep levies over India's purchases of Russian oil are threatening to unravel years of calculated U.