Donald Trump has once again emphasised that reciprocity will be the cornerstone of his administration’s trade policy—a sentiment his commerce secretary pick Howard Lutnick recently echoed. The United States’ ambassador to India, Eric Garcetti, also reiterated that India has the “highest tariffs” among major economies. These repeated assertions have understandably caused speculation in New Delhi, given that Washington is among its largest trading partners and a country with which it enjoys a very high trade surplus. 

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