New Delhi, April 4 -- During Prime Minister Narendra Modi's visit to Washington in February, talks on a Bilateral Trade Agreement began. The latest round in Delhi in March saw officials from the US Trade Representative's office and India's commerce ministry reach a broad understanding, with plans to finalize the first tranche by fall.

Negotiations will now proceed sector-by-sector, focusing on market access, tariff barriers and supply chain integration. Yet, the 'Liberation Day' tariffs of 27% make it clear that the US is setting the terms, using protectionist levers to shape the deal in its favour for its economic nationalism.

One is reminded of the famous line from the movie The Godfather: "You come to me on this Liberation Day and as...