New Delhi, July 9 -- Given Donald Trump's U-turns and shifting statements, it's hard to say where India stands in his grand reset of trade ties. Going by a mix of signals, though, it seems India is off America's main hit list for tariffs, at least for now.

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Late on Monday, the US issued a list of 14 countries to which tariff imposition letters were being sent. Conspicuously, India was absent from it, which hinted that trade talks between Washington and New Delhi were within deal-clinching reach. Indeed, the US President said as much, indicating that the two were close to an agreement.

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Also, the White...