Commerce Secretary Howard Lutnick stated on Friday that India’s trade agreement with the US was delayed because Prime Minister Narendra Modi failed to call President Donald Trump to finalize a deal they were negotiating.
In August, Trump hiked tariffs on Indian imports to 50%, the highest rate in the world, including a 25% levy in retribution for India’s purchases of Russian oil, after the trade negotiations collapsed last year.
Everything is ready, but Modi needs to give the President a call. In an interview with the All-In podcast, a US program hosted by four venture capitalists that focuses on business and technology, Lutnick stated, “And they were uncomfortable doing it.
The remarks followed Trump’s warning this week that tariffs could increase higher unless India reduces its purchases of Russian oil, which increased pressure for negotiations. Investors awaiting developments in two-way talks for a trade deal that is still elusive were alarmed by that move, which sent the Indian rupee to a record low. Lutnick continued, “India continues to seek a tariff rate between Washington’s previously agreed-upon offers to Britain and Vietnam, but the offer has expired.
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