Modi’s US Trade Deal Resembles an IMF Bailout

The US-India trade deal is many things, but a respectful accord between two major economies it is not. It tracks closer to an IMF bailout, only instead of receiving aid for reform, India will pay $500 billion to rehabilitate itself in America’s strategic orbit.

While rivals Thailand, Malaysia, Indonesia, and Vietnam secured settled agreements, the text that greeted Indians Saturday made it clear: This is the framework to an “interim” pact. Indian exporters are getting a discount on the 50% duty they have faced since August — half of which was punishment for allegedly financing Vladimir Putin’s war in Ukraine via purchases of Russian oil.