Overview
- US Commerce Secretary Howard Lutnick claimed a quick deal slipped because Prime Minister Narendra Modi did not call during a signing window, a contention Indian commentary dismisses as a poor explanation for stalled talks.
- India had set clear red lines on agricultural market access even as USTR Jamieson Greer described New Delhi’s latest offer as “forward-leaning” and the “best ever.”
- The Trump administration’s trade stance includes a 50% tariff on Indian goods with a 25% levy tied to Russian oil purchases, and a reported proposal would raise duties to at least 500% under a Sanctioning Russia Act.
- Financial stress has surfaced with the Sensex and Nifty down about 2.5% last week, over $1.3 billion in foreign equity outflows so far this month after $18.9 billion in 2025, and the rupee closing at 90.16 to the dollar.
- Editorials recommend accelerating domestic reforms, seeking agreements with blocs such as the EU and Latin America, and reducing dependencies on US tech and defense suppliers and on China for pharma inputs.