India, July 30 -- US President Donald Trump has unilaterally announced an end (to at least the current chapter) of the ongoing Indo-US trade deal negotiations, with the deadline of August 1 looming large. India, Trump said in a post on Truth Social, will face 25% tariffs and a "penalty" for buying energy from Russia. The details of what this penalty will be have not been spelt out yet. Even if the penalty is more than 1%, India will be facing a higher tariff than what Trump announced on April 2. With the caveat that this may well be just another deal-closing tactic, and that India will be able to talk or buy its way out, what does this entail for the Indian economy and Indo-US relations?

The US is India's largest export market. India's g...