Could this be a major opportunity for the world's fifth largest economy to shed its protectionism and further open up its economy? Will India seize the moment, just as it did more than three decades ago, or will it retreat further?
Trump has repeatedly branded India a "tariff king" and a "big abuser" of trade ties. The problem is that India's trade-weighted import duties - the average duty rate per imported product - are among the highest in the world. The US average tariff is 2.2%, China's is 3% and Japan's is 1.7%. India's stands at a whopping 12%, according to data from the World Trade Organization.
