Aug. 6 at 4:50 PM
After 5 rounds of trade negotiations, Indian officials were so confident of securing a favourable deal w/ the US that they even signalled to the media that tariffs could be capped at 15%.
Indian officials expected President Donald Trump to announce the deal himself weeks before the August 1 deadline.
The announcement never came.
Now, India is left w/ the surprise imposition of a 25% tariff on Indian goods, along w/ unspecified penalties over oil imports from Russia, meanwhile President Trump has closed larger deals w/ Japan, EU, & even offered better terms to arch-rival Pakistan
Officials on both sides said a mix of political misjudgment, missed signals & bitterness broke down the deal b/n the world's largest & 5th-largest economies, whose bilateral trade is worth over
$190B
A US delegation expected in Delhi later this month & Indian govt officials still believe the deal can be salvaged from here.
$ITA $INDY $INDA -
$SPY $AAPL