Raghuram Rajan Exclusive: U.S.-India Trade Deal Was On Cards, Something Changed!

Former RBI Governor Raghuram Rajan, in an exclusive conversation with India Today TV’s Rajdeep Sardesai, exposes the real logic behind Donald Trump’s tariffs. Rajan says the tariffs are not about fairness but pure power politics — driven by America’s belief that trade deficits mean exploitation, the claim tariffs are cheap revenue tools, and their growing use as weapons of foreign policy. On India, Rajan revealed that New Delhi had expected around 20% tariffs, counting on the Modi–Trump bond. But U.S. accusations over India’s Russian oil sales derailed the deal. “Clearly, the relationship has broken down,” Rajan said, calling Trump’s tariff move an unmistakable exercise of power, not trade policy.