India has voiced firm opposition following sweeping U.S. tariff hikes on their exports, signaling readiness to challenge the Trump administration in the escalating trade dispute.

The latest wave of U.S. tariffs came into force on August 7, extending rates between 10 percent and 50 percent across numerous trading partners, with India and Brazil being hit with the maximum 50 percent tariffs.

The U.S. had already imposed a 25 percent tariff on India, with another 25 percent tacked on as what President Donald Trump described as punishment for continuing to buy large volumes of Russian oil.

India's foreign ministry swiftly condemned the additional tariffs as "unfair, unjustified and unreasonable," accusing Washington of double standards for sparing other importers of Russian oil from similar punitive measures.

"The interest of farmers is our top priority. India will never compromise with the interests of its farmers, livestock rearers and fishermen. I know that I will have to pay a huge price for this personally, but I am ready," Prime Minister Narendra Modi said in a speech on Wednesday, indicating his stance to stand firm against the punitive duties.

Washington has reportedly been pressing New Delhi to open its market to American genetically modified crops and allow duty-free access for U.S. farm and dairy products. However, the Modi government regards the welfare of India's vast farming community – numbering in the hundreds of millions and collectively having a significant impact in the country's politics – as a delicate matter. Officials have emphasized that these issues remain off-limits for compromise, firmly rejecting the import of genetically modified products.

Some in India are calling for counter-tariffs, with Shashi Tharoor, a member of Parliament for the opposition Congress party, suggesting that India should "also impose a 50 percent tariff on U.S. goods."

"We need to ask them, do they not value our relationship? If India doesn't matter to them, they should also not matter to us," he told reporters.