Stephen Colbert mocks Trump’s tariffs on India and Brazil, warning Americans will pay more for basics like gauze.

BENGALURU/BRASILIA (Reuters) -Indian Prime Minister Narendra Modi and Brazil's President Luiz Inacio Lula da Silva spoke by phone on Thursday, their offices said, discussing a broad range of topics that included tariffs imposed by the United States on goods from both countries.

US President Donald Trump’s latest tough talk about no trade negotiations with New Delhi unless it agrees to slash tariffs on goods, is forcing Prime Minister Narendra Modi’s government to hedge its bets on the United States and recalibrate its pro-American foreign policy tilt.

Experts warn that such aggressive tariff policies risk damaging decades of diplomatic progress between the U.S. and important emerging markets.

The president also touted agreements over hundreds of billions of dollars in foreign investment into the United States.

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.