New Delhi, Feb. 4 -- It is plainly good news the US has lowered its import duty on Indian goods from 50%, a truly punitive rate, to 18%. A trade deal is expected to be sewn up anytime now. Its significance goes beyond the impact of a lower US barrier for our exports. Indeed, it signals an end of the rift between India and the world's largest economy and mightiest power.

That rupture had cast a long shadow of risk on all manner of American economic dealings with India, from setting up factories here to investing in our capital markets. No wonder Indian stock market indices shot up in relief.

Earlier, US President Donald Trump's apparent indifference to a weakening dollar had sent US markets into a slump, dragging markets elsewhere down, ...