Preparing for the worst-case scenario with the US
The other day, US Commerce Secretary Howard Lutnick suggested in a podcast with a Sri Lankan venture capitalist that India lost the possibility of a quick trade deal with the US because Narendra Modi did not call Donald Trump during the time window allotted to him for signing up. This may at least be partially true, but it is ridiculous nevertheless. A trade deal, where diverse interests and multiple concerns have to be reconciled, is not like a real estate deal between two people where one party or the other can set a take-it-or-leave-it deadline. A trade deal is signed by two nations (or trading blocs) and not between an individual and a country. It is true that the US’s allies have done so, signing up with Trump by agreeing to his absurd conditions. But these deals are unlikely to stand the test of time. For example, the European Union (EU) agreed to buy $750 billion of US energy and invest $600 billion in the US by 2028 - which is just two years away - but how i...