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ISLAMABAD: A planned India&ndash;US trade deal stalled because Prime Minister Narendra Modi did not call President Donald Trump, US Commerce Secretary Howard Lutnick claimed on Friday.&nbsp;Lutnick made the remarks in an interview on the All-In podcast, a US business and technology show hosted by four venture capitalists. He said, &ldquo;It&#39;s all set up, and you have got to have Modi call the president,&rdquo; and they were uncomfortable doing it. So Modi didn&#39;t call.&rdquo;&nbsp;Responding to Lutnick&rsquo;s comments, the Indian foreign office said the &ldquo;characterization of these discussions in the reported remarks is not accurate.&rdquo;&nbsp;Bilateral trade talks between Washington and New Delhi had previously collapsed, a situation that worsened when Trump doubled tariffs on Indian goods in August last year to 50%, the highest rate in the world. This included a 25% levy in retaliation for Indian purchases of Russian oil.&nbsp;The deadlock contrasted sharply with early optimism, when leaders from both countries had pledged to &ldquo;double bilateral trade to $500 billion by 2030,&rdquo; according to Indian media reports.&nbsp;Additional friction arose over India&rsquo;s continued imports of Russian oil, prompting the US to impose what it described as &ldquo;punitive&rdquo; tariffs.

India

New Delhi–Washington trade talks falter as tariffs rise to 50%, risking bilateral trade growth and straining agreements aimed at doubling commerce to $500 billion by 2030

Articles tagged with "US commerce secretary"

US commerce secretary blames Modi call for India trade deal stalemate

US commerce secretary blames Modi call for India trade deal stalemate