Goa, July 4 -- US President Donald Trump has announced a major shift in trade policy, stating that the US will begin sending letters to over 170 countries, specifying new reciprocal tariff rates on their exports to the US. This move, described as a "simple deal," aims to replace lengthy, complex negotiations with a standardized approach, where each country is informed of the tariffs they will face-potentially ranging from 20% to 35% for most major trading partners.

Adding that the US intends to start by dispatching around 10 letters per day. A deadline of July 9 has been set for countries to finalize trade agreements before the new tariffs take effect.

For India, this announcement comes at a critical juncture, as the much-anticipated in...