US allies aim for major trade agreements with next-best economies after year of tariff turmoil

Irked by President Donald Trump’s constant tariff threats over the past year, several U.S. allies are moving to secure major trade agreements with the world’s next-best economies.

Leading the charge on this front, the European Union struck a new free trade deal with India on Tuesday that makes the 27-nation bloc less reliant on the United States.

The agreement essentially reduces tariffs on both sides in a number of sectors. India, which boasts the world’s fourth-largest economy, agreed to reduce or eliminate tariffs for almost 97% of EU exports, and the EU likewise agreed to reduce its tariffs in phases that will eventually cover nearly 99% of Indian exports. The deal between two of the largest global economies was two decades in the making.

European Commission