New Delhi, Feb. 7 -- Best of the Week is a weekly newsletter by Siddharth Sharma/Shravani Sinha. Subscribe to Mint's newsletters to get them directly in your inbox.

After months of suspense and sharp tariff shocks, India and the US may finally have turned a corner on trade. US President Donald Trump announced on Monday that he and Prime Minister Narendra Modi have agreed to a trade deal that sharply lowers barriers on both sides, effective immediately. For India, the headline relief is that Washington will cut its reciprocal tariff on Indian goods from 25% to 18% and roll back the additional 25% penalty imposed over Russian oil purchases. In return, India will bring down tariffs and non-tariff barriers on US goods to zero.

Trump framed ...