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In an attempt to please a domestic audience, US has begun to undermine economic relations with India, a strategic defense partner with whom it has mutual interests in the Indian Ocean region. Last week, US Treasury, using a domestic law, placed India on a monitoring list of potential currency manipulators. Barring China, others on the list are countries like South Korea and Germany with whom US has strategic ties. The more US pursues a policy of economic confrontation with strategic allies, the more it will undermine the network of alliances it has built up over decades.
The use of domestic trade laws to target India economically allows US to come up with arbitrary criteria. For example, India-US trade is just a part of India’s overall economic engagement with the world. Using the bilateral trade deficit to reach a conclusion on India’s currency management is flawed. Another criterion used by US Treasury runs counter to basic economic logic. Other than using an incorrect approach to identify potential currency manipulators, US remains oblivious to the damage caused by its own loose monetary policy in an emerging market like India.
The current US approach to India is characterized by short-termism. Unless it changes, bilateral ties will not strengthen.