The trade agreement between India and the United States failed to move forward last year. According to Reuters, US Commerce Secretary Howard Lutnick said the reason was that Indian Prime Minister Narendra Modi did not call Donald Trump ahead of the deal. This was reported by kursiv.uz. reports .
New Delhi rejects this interpretation. Reuters sources say that after the talks effectively hit a dead end, the US raised tariffs to as much as 50% on certain goods imported from India.
Donald Trump also warned that tariffs could be raised again if India does not reduce its imports of Russian oil. Amid the lack of an agreement, the Indian rupee fell to a record low, and investors voiced concerns about the outlook for the negotiations.
At the same time, India still hopes tariff rates will fall within the range of terms the US agreed with the UK and Vietnam. However, Lutnick said the deadline for that proposal has already passed.
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