Indian Markets Feel the Chill in Trump-Modi Ties
With the bromance lacking its old fervor, stocks and the rupee may remain jittery.
A chill in the air between Modi and Trump.
Photographer: Andrew Harnik/Getty Images
When Narendra Modi dropped in on Donald Trump last week, there was none of the bear-hugging bonhomie that was on display at the White House Rose Garden in 2017. The hand-clasping bromance from the 2019 “Howdy Modi” event in Houston was also missing. The Indian prime minister came bearing trade concessions on Harley-Davidson bikes and Tesla cars, yet the US president met him wielding a fat stick of tariffs.
Trump set a frosty tone to the much-anticipated rendezvous when shortly before receiving Modi, he announced reciprocal tariffs worldwide: The US will tax foreign goods at the same rate other nations apply to its products.