India refuses to budge on red lines

INDIA HAS SECURED a sharp reduction in tariffs and a complete rollback of oil-related duties under an interim trade deal with the US, in return for opening up parts of its market to American goods and committing to purchase $500 billion worth of US products over the next five years.

- MUKESH JAGOTA

The deal, announced earlier this week and formalised through an executive order issued by US President Donald Trump, eliminates the additional 25% tariff imposed on Indian goods over New Delhi’s purchases of Russian oil, and lowers so-ca